Toyota Reaches $1 Billion Settlement


(CNN) — Toyota said Wednesday it has reached a $1.1 billion settlement in a class-action suit related to unintended acceleration.

According to Reuters, the deal includes direct payments to customers and installation of a brake override system in more than 3 million vehicles.

A California federal judge must approve the settlement, which also includes a $250 million fund for former Toyota owners who sold vehicles at reduced prices and a separate $250 million fund for owners not eligible for the brake override system.

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