Toyota Motors has recently agreed to a settlement of approximately $3.4 billion to be given to American owners of Toyota pickup trucks and sport utility vehicles whose vehicle frames could rust through. This lawsuit covers around 1.5 millions Toyota cars that are susceptible to this rust corrosion that can compromise a vehicle’s structural integrity. It is estimated that it will cost Toyota $15,000 per vehicle that is found to be susceptible to rust.
Toyota will check customers cars twelve year after the date it was sold, and if it was found to be easily susceptible to rust, then Toyota will replace the frame of the car free of charge. If any Toyota owners made a frame replacement during this period, then they will also be reimbursed by the company. The lawsuit includes Tacoma trucks from the model years 2005 through 2010, Sequoias from 2005 through 2008 and Tundras from the 2007 and 2008 model years.
Toyota has agreed to pay the $9.75 million cost for lawyers’ fees, $150,000 in miscellaneous costs and expenses, and $2,500 to each of the named eight class representatives and offering to advertise the verdict of the settlement.