Toyota U S A Headquarters exteriors, Torrance, Ca.

Toyota Proposes $1-billion Plus Settlement Over Unintended Acceleration Suit

In a press release from Toyota, the car company has proposed a settlement to a class action lawsuit filed as a result of unintended acceleration experienced in Toyota cars and SUVs.

Toyota plans to “retrofit additional non-hybrid vehicle models subject to the floor mat recall with a free brake override system (BOS) to provide an added measure of confidence.” To customers who are not eligible to receive the BOS system, Toyota has announced it will compensate them monetarily.

The Japanese carmaker has also announced plans to establish a fund to compensate those who sold or turned in their 2009-2010 Toyotas subject to the floor mat recall.

Finally, Toyota plans to establish “additional driver education programs” as well as to fund new research initiatives that improve vehicle safety.

The settlement is awaiting approval by presiding Judge James Selna.