Toyota agrees to settlement figure for 2010 suit.

The Japanese Giant Car manufacturer Toyota has agreed to settle a US class-action suit of over $ 1 billion due to claims that its cars have acceleration issues. 

This is said to be the largest settlement regarding car defects in US History. The settlement is still awaiting approval from a Californian Federal Judge, includes payments going direct to customers, and according to plaintiffs and lawyers, will also cover the installation of the brake override systems in over 3 million vehicles.        

The case was initially filed in 2010 due to the high number of reports from US drivers that their Toyota cars were unexpectedly and uncontrollably accelerating. This led to a large number of accidents. 

Toyota issued a series of recalls to fix the problem, but this was not enough to satisfy the plaintiffs.

The agreement still has to be approved by a judge, but if it is, it will end the largest automotive class-action suit in US history. 

Christopher Reynolds, the group vice-president of Toyota's US sales, explained that it was a difficult decision to make, primarily because scientific evidence and independent evaluations have ensured the safety of Toyota's electronic throttle control systems. 

The decision was then made that turning the page on the legal issue was actually in the best interest of the employees, the company, dealers and, of course, Toyota's customers. 

Reynolds also added that the agreement would not impact Toyota's business operations or financial standing.

It has been said that after two years of extremely intense work, the customers are pleased that Toyota has finally agreed on a settlement figure.

We will bring you any more developments on the case as they happen. Hopefully, this will bring to an end what must have been a traumatic issue for Toyota customers who were impacted.