Minneapolis — Toyota Motor has agreed to a settlement of up to $3.4bn for a federal class action brought by US owners of trucks and SUVs whose frames could rust through, plaintiffs lawyers have said in court papers. The proposed settlement covers about 1.5-million Tacoma compact pick-ups, Tundra full-size pick-ups and Sequoia SUVs alleged to have received inadequate rust protection that could lead to corrosion serious enough to jeopardise their structural integrity, according to court papers. Attorneys for the plaintiffs in court papers supporting the settlement estimated the value of frame replacements at about $3.375bn based on a cost of about $15,000 per vehicle and the inspections at about $90m at $60 per vehicle. Toyota admitted no liability or wrongdoing in the proposed settlement filed on Wednesday. "We want our customers to have a great ownership experience, so we are pleased to resolve this litigation in a way that benefits them and demonstrates that we stand behind the qua...
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