NEW YORK – Toyota Motor North America announced it is settling litigation related to previous recalls for its vehicles due to unintended acceleration events. The automaker is paying a one-time $1.1 billion pre-tax charge against earnings to cover the estimated cost of the settlement and the possible resolution of civil litigation brought by the District Attorney of Orange County in California and an investigation by a group of Attorneys General from multiple states.
Toyota’s Christopher P. Reynolds, group vice president and general counsel, Toyota Motor Sales, U.S.A, and chief legal officer, Toyota Motor North America, said that although the company has scientific evidence and multiple independent evaluations on its side, it’s taking this step in order to move beyond the legal challenges.










