Have an exploding airbag? You might get $500

May 19, 2017, 04:44
Have an exploding airbag? You might get $500

Toyota Motor Corp.'s share of the settlement costs is $278.5 million, followed by BMW AG at $131 million, Mazda at $76 million and Subaru Corp.at $68 million.

The settlements also provide compensation for economic losses resulting from the recall including paying reasonable out-of-pocket expenses; a possible residual distribution payment of up to $500, rental cars to the most at-risk owners while they wait for recall remedies; and a customer support program for repairs and adjustments, including an extended warranty.

The fallout from the Takata airbag recall continues as BMW, Mazda, Subaru, and Toyota have reached a $553 million settlement with the United States government.

Similar economic-loss claims against Honda, Ford and Nissan have yet to be settled.

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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.

Four carmakers, including Toyota and BMW, have agreed to pay $553m (£425m) to settle class-action lawsuits covering owners of recalled vehicles, fitted with potentially faulty Takata airbags.

"The low number of recalls to-date demonstrates the need for a settlement of this type, and we look forward to accelerating the removal of defective Takata airbags from the roads", said Peter Prieto, the court-appointed chair lead counsel, who helped negotiate the settlement.

Part of the settlement money will be used to encourage consumers whose cars are under recall to bring them to dealers for fix.

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Under the terms of the agreement, the automakers will fund outreach programs with the goal of "significantly increasing" recall completion rates.

The airbags are blamed for 11 deaths and more than 150 injuries, though further cases are now under review.

Some 15.8 million vehicles now have the defective air bag inflators installed, and the settlement is meant to expedite their removal. Takata also reached a $1 billion settlement with the USA that included a $25 million criminal fine. The issue is critical because the huge recall covers more than a dozen automakers, and NHTSA expects that it will affect 64 to 69 million inflators in 42 million vehicles by 2020.

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