Toyota Settles Recall Case For $1 Billion

Settlement is the largest in U.S. history involving automobile defects.

To make up for its many recalls and malfunctions in recent years, Toyota is writing a big check to everyone who has been affected: $1 billion big.

CBS News reports:

"...the deal will resolve cases involving motorists who said the value of their vehicles was adversely affected by previous recalls stemming from sudden acceleration problems.

...Toyota said it will offer cash payments to eligible customers who sold or turned in their leased vehicles between September 2009 and December 2010."

Toyota also plans on providing additional warranties for specific car parts.

In all, Toyota has recalled 14 million cars worldwide.

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