Toyota Agrees To $3.4 Billion Settlement Over Rusted Trucks And SUVs

#Toyota has agreed to a settlement worth up to $3.4 billion over a class action lawsuit from U.S. pickup truck and #SUV owners whose vehicle's frames can severely rust.

It is asserted that inadequate rust protection had been applied to around 1.5 million Tacomas, Tundra and Sequoia models. Due to the poor protection, the frames of the vehicles could rust to the point of impacting their structural integrity.

Although the automaker hasn't admitted liability or wrongdoing, it has agreed to inspect all affected vehicles for 12 years from when they were first sold or leased. Toyota will then determine if the frames need to be replaced and do so at company expense. If owners have already been forced to have their frames replaced, Toyota will reimburse them.

The settlement asserts that it will cost about $3.375 billion to replace the frames, costing about $15,000 per vehicles. An additional $90 million will then be spent on inspections at $60 per vehicle, reports Automotive News.

In a statement, Toyota said “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 quality and reliability of our vehicles.”