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Toyota, BMW, Subaru, Mazda agree to $553 million settlement with Takata

20 May, 2017, 00:22 | Author: Jan Cross
  • Four carmakers will pay $553m to settle claims over Takata airbags

Santa Clara, CA$553.6 million in settlements has been agreed in multi-district litigation (MDL) involving Toyota, Subaru, Mazda and BMW, which will see the automakers pay the sum to end claims brought by plaintiffs over alleged defective Takata airbags.

The latest development in the Takata airbag story arrived on Thursday and included four automakers, almost 16 million vehicles and more than $500 million in settlements. The automakers said the settlements, if approved by a Florida judge, will be overseen by a court-appointed administrator.

Takata air bags have been linked to at least 11 deaths and more than 180 injuries.

In exchange, the auto-makers will be allowed to exit the federal Multi-District Litigation (MDL) over the largest auto recall in USA history.

BMW, Mazda, Subaru and Toyota have agreed to a settlement to fund consumer outreach, rental auto and out-of-pocket cost reimbursement programs for owners of affected cars, according to a joint statement. Of the total settlement, automakers will utilize roughly $50 million to provide rental cars.

Under the terms of the agreement, the automakers will fund outreach programs with the goal of "significantly increasing" recall completion rates. The company's seeking a buyer in the aftermath of what was the biggest auto recall in history. As of April 28, only 32 percent of Toyota owners, 31 percent of Subaru owners, 18 percent of Mazda owners and 16 percent of BMW owners had completed the repairs, according to the National Highway Traffic Safety Administration.

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Tokyo-based Takata in May 2015 agreed to double a U.S. recall to a record more than 30 million vehicles made by some of the world's biggest automakers.

The settlement - by Toyota, BMW, Subaru and Mazda - covers 15.8 million vehicles equipped with rupture-prone air bag inflators.

Other carmakers including Ford, GM, Honda and Nissan were also affected by the Takata recall, but those cars aren't covered by this settlement. In addition, they will pay residual distributions to consumers of up to $500 depending on how much money remains after meeting outreach and reimbursement obligations.

The settlement comes in the wake of mass recalls of airbags produced by Japanese company Takata.

In January, Takata agreed to plead guilty to US charges of criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators.

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