Honda and Nissan Agree to $702.7 Million Class Settlement
Honda and Nissan recently came to an agreement with consumers in order to compensate the tens of millions of vehicle owners for money lost because of the massive Takata airbag recall.
U.S. District Judge Federico A. Moreno approved the $702.7 million settlement on Wednesday, March 7 – Honda will pay $605 million in its settlement, and Nissan will pay $97.7 million. The agreements received preliminary approval in September of 2017.
“We’ve done something pretty unusual in creating something of this size,” said co-lead council and Power, Rogers & Smith attorney Todd A. Smith about the settlement. “It’s not as if they decided to come easily to this resolution, they fought terribly hard.”
The settlement will provide compensation for child care or lost wages while members of the class took their vehicles in to be repaired. They can also receive refunds for vehicle storage fees and rental cars, as well as receiving free extended warranties on the replacement airbags.
The National Highway Traffic Safety Administration (NHTSA) reported back in January of this year that an estimated 37 million vehicles had been recalled to deal with this massive safety issue. Smith stated that Power, Rogers & Smith seven auto companies, including Honda, Nissan, Ford, BMW, Subaru, Mazda, and Toyota. Judge Moreno previously approved a $550 million settlement against BMW, Subaru, Mazda, and Toyota in November of 2017, and the case against Ford is still ongoing.