Published on April 6th, 2018 | by Daniel Sherman Fernandez0
Toyota, VW & Honda To Get USD850 million Takata restitution plan
A federal judge in Michigan greenlighted a plan on Tuesday this week to hand out USD850 million to automakers from Takata Corp.’s restitution fund. U.S. District Judge George Caram Steeh approved the request by Special Master Eric Green, who was appointed by the court to oversee distribution of the restitution payments stemming from the largest safety recall in automotive industry history. The fund was formed as part of a plea deal Takata entered with the U.S. Department of Justice early last year.
Toyota Motor Corp. will receive the largest share of the pot at USD141.3 million, followed by Volkswagen AG at USD123.7 million and Honda Motor Co. which has the greatest exposure to the largest recall in automotive history will receive a share of USD121.6 million.
Takata is in the process of is selling its surviving businesses to Chinese-owned Key Safety Systems, a unit of China’s Ningo Joyson Electric Corp., in a USD1.6 billion deal.