Canada-Wide Settlement Reached In Toyota Economic Loss Class Action
TORONTO, Aug. 23, 2013 /PRNewswire/ - Toyota has agreed to settle Canadian consumer claims related to alleged economic loss following its recalls in 2009 and 2010. The class action settlement, is pending approval by courts in Ontario, Québec, Nova Scotia and Saskatchewan.
The settlement will resolve the economic loss claims against Toyota commenced on behalf of all Canadian owners and lessors of Toyota vehicles with an electronic throttle control system ("ETCS-i"). The settlement will in no way impact ongoing litigation for personal injury or wrongful death claims related to alleged unintended acceleration.
"It's a relief to know that Toyota will be offering substantial benefits to a very large number of Canadian consumers in order to resolve these actions" said representative plaintiff Steven Hamilton. "I think that this is a fair settlement for Toyota owners across the country."
The settlement will provide Toyota owners in the class with an enhanced Customer Support Warranty Program for a minimum of three years, which will cover all repair costs and the cost of adjustments related to certain vehicle components related to ETCS-i. As part of the settlement, Toyota owners will have their vehicles retrofit with a Brake Override System ("BOS") free of charge, or will be eligible to cash payments "in lieu" of the BOS upgrade where their vehicle is not eligible to receive the BOS. In addition, Toyota has agreed to fund scholarships at 4 Canadian engineering schools totalling $600,000. Toyota has also provided funding for claims administration, notice costs and legal fees.The settlement was negotiated by law firms Rochon Genova LLP and Kim Orr PC, both of Toronto, Merchant Law Group of Regina and Consumer Law Group of Montréal. "This proposed class action settlement represents a high water mark for Canadian consumer product litigation" said Joel Rochon, a partner at Rochon Genova. "Thousands of Canadian consumers will receive meaningful benefits from this settlement." To Make a Cash Claim
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV