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Toyota Settles Lawsuits for $1.1 Billion and Will Modify Millions of Vehicles with Electronically Controlled Gas Pedals to Stop Runaways
In an engineering lapse of monumental consequences that included several deaths, the computer programming on affected vehicles when confronted with both brake and accelerator inputs did not favor the brake input for its electronic engine controls. Such over-ride software is in widespread use at other automakers. Continue reading
Toyota Outlines Legal Woes in SEC Filing and Says Amounts Accrued for Defense, Thus Far, Will Not Have a Material Effect
However, Toyota also said that it cannot currently estimate its potential liability, damages or range of potential loss, if any, beyond the amounts accrued. This means that the resolution of the lawsuits could have an adverse effect on Toyota’s financial position, results of operations and cash flows.
Ford Motor Company’s attempt to improve its credit rating was recently impeded when a class action suit previously considered by Ford as not material resulted in a $2 billion judgement against it. Continue reading
