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Toyota settles shareholder suit over sudden acceleration hysteria

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In the wake of unfair bashing by the media, catalyzed by the trial bar, accusing Toyota vehicles of suffering from sudden acceleration, the Obama administration forced a recall and fined Toyota, Toyota sales plummeted, and the stock price dropped $30 billion of value. So we can safely view a $25.5 million settlement—less than 0.1% of that figure—as a nuisance settlement, albeit one that will likely pay the attorneys millions of dollars (Bernstein Litowitz and other plaintiffs' firms are seeking over $5 million) for bringing a meritless collateral suit over meritless allegations. [Reuters; LA Times; Detroit Free Press]

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Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

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The Manhattan Insitute's Center for Legal Policy.