Toyota Hopes To Write Off $1.1 Billion Lawsuit Loss in 2012 - Lawyers To Receive $200 Million Cut

Plaintiffs' lawyers are seeking up to a $200 million cut from Toyota Motor Corp.'s agreement to settle unintended acceleration claims for millions of its vehicles in the United States in 2009-2010.

Toyota said on Wednesday it will take a $1.1 billion charge to settle U.S. consumer claims that the value of their vehicles diminished because of recalls related to unintended acceleration.

Plaintiffs' lawyers are asking as much as $200 million in attorneys' fees, said Steve Berman, a lead plaintiffs' attorney. The total will be paid out to 25 firms and about 85 attorneys, according to an article in The Wall Street Journal.

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quizz - 12/28/2012 6:28:51 PM

+1 Boost

$200 million divided by 50 attorneys = $4 million per attorney.

Consumers get at best $50 per Toyota owner.

Class actions are where the money's at.

lexworld - 12/29/2012 2:27:41 PM

+2 Boost

..Well, for all those dishonest people who falsefied their claims, they are lucky to get that. Wow, look at Toyota now....Soaring with the Eagles! The Top Dog that has kept it's integrity and loyalty to all, even this law-suit happy generation in, especially, America.