. Medical and Hospital News .




CAR TECH
New blow as Toyota recalls 2.77 mn vehicles globally
by Staff Writers
Tokyo (AFP) Nov 14, 2012


Toyota to pay $25.5 million to shareholders hit by recalls
Los Angeles (AFP) Nov 14, 2012 - Toyota has agreed to pay $25.5 million to shareholders who lost money after the Japanese automaker's stock price plummeted in the wake of a series of mass recalls, court records showed.

The settlement was filed hours before Toyota announced a global recall of 2.77 million vehicles over water pump or steering problems on Wednesday, in the latest blow to the firm's reputation after a spate of earlier call backs.

The firm last month issued a huge global recall of 7.43 million vehicles, including its popular Camry and Corolla models, over a possible fire risk tied to a fault in its electric windows.

Earlier this year it added two models to a controversial 2009 recall launched after floor mats became trapped under the accelerator, which was linked to accidents that allegedly caused dozens of deaths.

Toyota's mishandling of the initial problem and other reports of sudden, unintended acceleration led to the recall of more than 12 million vehicles worldwide, a US congressional probe, more than $50 million in fines from US regulators and public apologies by its chief.

Toyota has since worked hard to regain its reputation for safety, while at the same time fighting off the impact of the economic crisis, a strong yen and the devastating 2011 quake-tsunami disaster.

The settlement filed in a Los Angeles court late Tuesday will compensate thousands people who purchased Toyota stock from May 10, 2005 through February 2, 2010 if it is approved by a federal judge.

Lawyers for the plaintiffs said the maximum compensation they could have hoped to receive was $124 million and argued that the settlement is a fair deal.

Toyota on Wednesday announced a global recall of 2.77 million vehicles over water pump or steering problems, in the latest blow to the firm's reputation after a spate of earlier call backs.

Japan's biggest automaker said there were no reported injuries or accidents, but it had received about 400 complaints in Japan over the pump issue and a handful about the steering problem.

The firm last month issued a huge global recall of 7.43 million vehicles, including its popular Camry and Corolla models, over a possible fire risk tied to a fault in its electric windows.

Rivals Honda and Nissan have also announced recalls in the past year.

Toyota's latest call back involves a number of vehicles manufactured between August 2000 and December 2011, including its popular Prius hybrid, which suffered from one or both of the defects, it said.

In a worst-case scenario the steering issue could see drivers lose control of the vehicle, while the water pump problem could render it inoperable, the firm added.

"There have been no accidents or injuries over these problems," a spokesman told AFP. "We have received reports from customers."

About 1.5 million of the vehicles were sold in Japan, with the remainder sold around the world, including in the United States and Europe.

Toyota, once lauded for its safety standards, has been forced into damage control mode in recent years after recalling millions of vehicles over defects.

Earlier this year it added two models to a controversial 2009 recall launched after floor mats became trapped under the accelerator, which was linked to accidents that allegedly caused dozens of deaths.

Toyota's mishandling of the initial problem and other reports of sudden, unintended acceleration led to the recall of more than 12 million vehicles worldwide, a US congressional probe, more than $50 million in fines from US regulators and public apologies by its chief.

Toyota has since worked hard to regain its reputation for safety, while at the same time fighting off the impact of the economic crisis, a strong yen and the devastating 2011 quake-tsunami disaster.

The firm did not supply estimated costs of the latest recall but last year it pegged expenses from some earlier call backs at about 180 billion yen ($2.28 billion).

The Japanese firm regained its position as the world's number-one automaker in the first half of 2012, stealing back the lead from General Motors.

Toyota shares slipped 0.81 percent to 3,060 yen in Tokyo on Wednesday.

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





CAR TECH
Expert's report on economic and environmental advantages of High Capacity Vehicles
Huddersfield UK (SPX) Nov 13, 2012
AWARD-winning research by a transport and logistics expert at the University of Huddersfield has shown that there would be economic and environmental benefits to individual companies and the country if the UK changed the rules to allow high capacity vehicles (HCVs) on to its roads. At 25.25 metres, they would be around a third as long again as the largest lorries currently permitted in Bri ... read more


CAR TECH
New York governor seeks $30 bn in aid after Sandy

Chernobyl cleanup workers had significantly increased risk of leukemia

Asia's mega-cities more vulnerable to disasters

Commentary: Sandy's S.O.S.

CAR TECH
Quattro Group Gains Visibility And Control With Ctrack

Gazprom to Launch Two Satellites by Yearend

Research cruise testing EGNOS satnav for ships

Two SOPS accepts command and control of newest GPS satellite

CAR TECH
Activating the 'mind's eye': sounds can be alternative vision

A firm molecular handshake needed for hearing and balance

Weizmann Institute scientists observe as humans learn to sense like a rat, with "whiskers"

Healthy Living Adds 14 Years to Your Life

CAR TECH
Animal rights group puts bounty on elephant killers

China's endangered pandas face bamboo shortage threat

S.Asian vultures stable after near-extinction: study

China surveys Yangtze dolphin as extinction looms

CAR TECH
Italy lifts ban on Novartis flu vaccines

Switzerland lifts ban on Novartis flu vaccine

New opportunity for rapid treatment of malaria

Test allows doctors to see disease without microscope

CAR TECH
Child journalists grill ministers at China congress

Dalai Lama 'despised' by Chinese people

China not 'serious' in Tibet immolations probe: Dalai Lama

Grumbling 'volunteers' roped into Beijing crackdown

CAR TECH
Piracy will swell again if seas not policed: S.African Navy

Mekong River attackers get death sentences

West African pirates target oil tankers

Pirate killed off Somali coast: NATO

CAR TECH
Lagarde wants 'real fix, not quick fix' on Greek debt

Texas Instruments to cut 1,700 jobs in reorganization

Japan's economy shrinks, raising fears of recession

'World's workshop' China aims to reinvent itself




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement