Toyota agrees to settle acceleration cases for over US$1 billion

Toyota Motor has agreed to pay over US$1 billion to settle US litigation over claims that its vehicles suddenly and unintentionally accelerated. 

According to court filings, the deal includes direct payments to customers as well as the installation of a brake override system in about 3 million vehicles. 

The terms include a US$250 million fund for former Toyota owners who sold vehicles at reduced prices because of bad publicity, and a separate US$250 million fund for owners not eligible for the brake override system.