Latest Takata news involves $553M settlement & 4 OEMs

The settlement deal is worth $553 million (497 million euros) and covers claims of about 16 million vehicle owners who had sued carmakers Toyota, BMW, Mazda and Subaru for compensation.

The agreement was filed in the U.S. District Court for the Southern District of Florida, Miami Division as part of the multidistrict litigation now being overseen by Judge Federico Moreno.

Takata inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. This claim covered owners of nearly 16 million vehicles which were recalled with potentially faulty Takata airbag inflators. By 2019, automakers expect to recall 64-69 million US inflators in 42 million vehicles.

The settlement will also provide funds for an effort to urge owners - through phone calls, email, social media and direct mail - to have their cars repaired. The programs offered in these agreements are meant to increase recall remedy completion rates for Takata airbag inflators, among other customer benefits.




The deal, which must still be approved by a federal judge, will cost Toyota $278.5 million, BMW $131 million, Mazda $75.8 million and Subaru $68.3 million. Owners getting a recall can be reimbursed for lost wages, transportation and child-care expenses. The company's seeking a buyer in the aftermath of what was the biggest auto recall in history. Manufacturers will provide a rental or loaner auto to any qualified owner, and for whom parts won't be available for at least 30 days. They began in 2008 and cover around 100 million airbag inflators used in vehicles made by 19 automakers.

Drivers of almost 16 million vehicles made by Subaru, Toyota, BMW and Mazda are all eligible for compensation.

In January, Takata agreed to plead guilty to USA charges of criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators. A portion of the settlement fund is devoted to address the low number of vehicles that have received the recall remedy since the National Highway Traffic Safety Administration (NHTSA) first announced recalls of defective Takata airbags.

Other automakers involved in class-action lawsuits over this scandal include Honda, Ford, and Nissan, but theirs have not been settled, Automotive News informs.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Elon Musk Is Dead Serious About Building a Freeway Under Los Angeles
Soon you might be able to get from Westwood to LAX in about six minutes with the help of Elon Musk's electric sled. The entrepreneur posted Friday several pictures of equipment meant for digging tunnels beneath Los Angeles.

Pottstown School Board to vote on $62M budget with no tax hike
The second phase of a long-term plan to renovate and upgrade district schools will turn the attention to elementary schools. More than $1 million of the increased spending is due to personnel costs, which comprise nearly 65 percent of the budget.

Beijing pledges aid to nations along trade routes
Xi said the initiative focuses on the Asian, European and African nations, but is open to all other countries. The China Development Bank has earmarked US$890bil (RM3.8 trillion) for some 900 projects.

Simona Halep outlasts determined Mladenovic to retain Madrid title
The 23-year-old won her first career title at the Premier event in St.Petersburg defeating Yulia Putinsteva in the final. Given this result, plus the ability of Simone to play in Madrid , she is a favorite and the upcoming semi-final.

Arsene Wenger urges Arsenal fans to attend game
We had loads of chances, it was important to get them in and I think the team did really well. "We had a hard period and we have recovered from it".

Stay 4Warned: Severe weather expected several days this week
There is not yet enough energy to send those storms our direction, but by Tuesday night , our storm chances return. However, it doesn't appear high end severe weather will be as likely as cooler air intrudes into the area.

Free agent DB McCourty signs 2-year deal with Browns
After being named a starting cornerback in 2011, McCourty led Tennessee during the past six seasons with 11 interceptions. Jason McCourty was cut by the Tennessee Titans in April after eight seasons with the team.

Trump to give speech on radical ideology in Saudi Arabia
The choice of Saudi Arabia might not even be Trump's, but rather that of his actual top global ally, Israel. Be Civil - It's OK to have a difference in opinion but there's no need to be a jerk.

'Of course the Australians have better healthcare than we do - everybody does'
President , we'll quote you on the floor of the Senate". "Wait a minute. the president has just said it", Sanders said, laughing .

Pyongyang claims missile can carry nuke, hit the US
The missile firing took place Sunday, North Korea time, with the projectile landing in the sea between North Korea and Japan. He also warned North Korea not to test his resolve.

Law enforcement adds three names to fallen officer memorial
Brad Little also spoke during the service, saying it's honor to serve a state filled with fearless men and women. The names of Maine's law enforcement officers who died in the line of duty will once again ring out in Augusta.

Hyundai, Kia to Recall 240000 Vehicles for Faulty Parts
Kim Gwang-ho, a 55-year-old Hyundai employee of 25 years, told the BBC he couldn't let it go on any longer. The transport ministry will also investigate into whether there was any sign of cover-up in the companies.

Most popular baby names of 2016
Pop culture often influences the names that increase and decrease in popularity, and it happened again 2016. For girls, it was Kehlani, as in Kehlani Parrish, a singer and songwriter nominated for a Grammy in 2016.

Actress Reema Lagoo dies
She was a very pleasant and talented lady. "Reemaji played my mother in the film "Jazbaat" and my very first shot was with her". While Lagoo made a mark as a new-age mother in Hindi films, she also did notable work on TV and Marathi screen and stage.

US stock futures, dollar fall on rising concerns on Trump
The euro zone GDP grew 0.5 percent in January-March, in line with expectations, and underscoring a recovery in the currency bloc. It last stood at 97.588, flat from late US trade, and down more than 2 percent over the past four sessions.


More News

News
More News