The never-ending nightmare for Toyota now comes with a hefty price tag. According to The Associated Press, the out-of-pocket costs of the lawsuits Toyota faces could reach a grand total in the neighborhood of $3 billion. Furious Toyota owners are claiming that the value of their automobiles have decreased massively since the recent flurry of recalls. And the 90 or so class-action suits against the car maker do not even include the potential payouts for personal injury and wrongful death lawsuits. Those cases could cost the company tens of millions of dollars a pop, while the value depreciation lawsuits are expected to be far more costly and damaging.
With millions of Toyota owners claiming lost value, there is a potential for the final costs of these lawsuits to be in the billions, making it one of the biggest class action lawsuits of all time. Based on a review of the cases, legal precedent, and interviews with experts, The Associated Press came up with the $3 billion dollar lawsuit estimate. Some legal advisors think the final payout could be even higher. The possibility of millions of car owners receiving settlements of $1,000 or more would likely hurt the company more severely than any one single personal injury lawsuit.
The class action fever swirling around Toyota could be tamed when a panel of federal judges meets in San Diego later this month to decide whether or not the ever-growing number of cases should be condensed to one single jurisdiction. Basically, it will all come down to how harshly the panel wants to discipline Toyota. If they want to send a message about product liability and the seriousness of betraying consumers, expect a green light for the swarm of individual lawsuits against the company. If they’re looking to collectively put the ugliness behind them and expedite the cases, expect an all-encompassing jurisdiction. Either way, Toyota’s days in court have yet to begin, but however they unfold, Toyota is likely to lose big.
Related: California Product Liability Attorney ; Toyota Defect Troubles
Call Gerald Sterns of Sterns & Walker. His personal injury cases have been affirmed at the U.S. Supreme Court. Not many attorneys can make *that* claim.