They point to evidence such as Kelley Blue Book's decision this month to lower the resale value of recalled Toyotas an average of 3.5 percent, ranging from $300 less for a Corolla to $750 less for a Sequoia. Toyota owners suing the company contend their vehicles have dropped in value because of the recalls and that Toyota knew all along about safety problems but concealed them from buyers. A key decision could come at a March 25 hearing in San Diego, where a panel of federal judges will consider whether to consolidate the mushrooming cases into a single jurisdiction.Īfter that, a judge will decide whether all claims filed by Toyota owners nationwide can be combined in a single legal action - known as "certifying a class" - and whether the claims have enough merit to move toward either trial or settlement. If I were Toyota, I'd be more worried about those cases."Īs Toyota continues to deal with the recalls and wavering public confidence in its vehicle safety, its biggest financial fight may be in the courtroom. But you could have millions of individual car owners who could (each) be owed $1,000. "A super-big injury case would be $20 million. Such class-action lawsuits "are more scary for Toyota than the cases where people actually got injured," said Tom Baker, a University of Pennsylvania law professor. Toyota owners claiming lost value - 6 million or more - could prove far more costly, adding up to losses in the billions for the automaker. Still, the sheer volume of cases involving U.S. Those estimates do not include potential payouts for wrongful death and injury lawsuits, which could reach in the tens of millions each. Associated Press | Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class-action lawsuits that could cost the Japanese auto giant $3 billion or more, according to an Associated Press review of cases, legal precedent and interviews with experts.
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