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Toyota to Pay Up to $3.4 Billion to Settle US Truck Lawsuit

By on November 14, 2016

FILE - In this March 30, 2011 file photo, the Toyota logo is shown at Wilsonville Toyota, in Wilsonville, Ore.    Toyota Motor Corp. is recalling 337,000 vehicles for a third time, Friday, Aug. 12, 2016.  The recall involves the Toyota RAV4 SUV from the 2006-2011 model years and the Lexus HS250h sedan from the 2010 model year.(AP Photo/Rick Bowmer)

(AP Photo/Rick Bowmer)

WASHINGTON — Toyota will pay up to $3.4 billion to settle a class action lawsuit brought by U.S. pickup truck and SUV owners whose vehicles lacked adequate rust protection.

Court filings show that the settlement reached on October 31 covers 1.5 million vehicles, dealing a financial blow to the Japanese automaker whose trucks were subject to corrosion that could harm their structural integrity. The settlement applies to Tacoma trucks made from 2005 to 2010, Sequoias from 2005 to 2008 and Tundras from 2007 to 2008.

The settlement estimates the value of replacing the frame at roughly $15,000 per vehicle. Under the settlement, Toyota will inspect vehicles for 12 years from their initial sales or lease date to decide if the owner is eligible for a replaced frame or reimbursement.

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