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Toyota class action suits could cost $3 Billion or more

Posted: Tue Mar 09, 2010 9:22 am
by MSI
Mar 9, 2010:Class-action lawsuits could cost Toyota $3B-plus (sorry, link no longer active)
Today in the Associated Press it was reported that 89 class-action lawsuits have been filed against the Japanese automaker. Coming soon, COUPONS!! (you may recall that prior class action lawsuits made multi-millions for lawyers, and measly coupons for vehicle owners. See Ford Class Action Settlement Leaves Consumers in the Dust) Also recall on the report that the class action seeking lawyers were Asking the Courts to Stop Toyota From repairing vehicles! (mainly to provide free publicity for the lawyers so Toyota owners would contact them and join in the suit!)
Many of the lawsuits are based on 'loss of value' claims for such things as the fact that Kelly Blue Book recently decided to drop the resale value for recalled Toyotas an average 3.5 percent. With the possible number of owners claiming economic damages because of the recalls of around 6 million? then if each were awarded $500 or so Toyota would have to fork over $3 billion in economic loss damages alone. Ouch! And add that to the rough estimate of $2 Billion expenses for the recall and Toyota's offer for at-home pickup of vehicles covered by the national safety recall, paying for customers' out-of-pocket transportation costs and providing drivers free rental cars during repairs and the tally to Toyota is $5 BILLION or MORE!! Double OUCH!