Nissan Agrees To Settle Product Liability Economic Claims Of Consumers Surrounding Takata Air Bags For $ 98 Million in Florida Federal Action
This week's document of the week features a settlement agreement from a federal case that was not submitted to the Lexis Jury Verdict team. It is highlighted this week due to the importance and scope of the Takata airbag litigation.
Plaintiff class of consumers brought a product liability action against airbag manufacturer Takata Corporation and numerous automotive companies, including Nissan Motor Co., Ltd. and Nissan North America, Inc., to recover the economic losses they suffered as a result of Takata's defective airbags installed in their vehicles. Defects in more than 60,000,000 airbags, causing them to rupture or deploy aggressively, led to a nationwide recall. The Judicial Panel on Multidistrict Litigation subsequently consolidated numerous similar actions for pretrial proceedings on Feb. 5, 2015, and transferred them to the United States District Court for the Southern District of Florida, assigned to Judge Frederico A. Moreno.
Four automotive companies, Toyota, BMW, Mazda, and Subaru, agreed to resolve the economic loss claims asserted against them through separate class action settlements, preliminarily approved by the court on June 12, 2017. Nissan subsequently agreed to a $ 97,679,141 settlement, approximately $ 87,000,000 of which would go toward cash payments to class members, outreach programs, settlement-related fees and costs, a free loaner car program, and a customer support program. The settlement agreement also provided that settlement class counsel would limit their request for attorneys' fees and expenses to no more than 30% of the settlement amount.
Lexis Advance subscribers may view the complete summary here: In Re: Takata Airbag Product Liability Litigation; 2017 Jury Verdicts LEXIS 2441
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