Bloomberg News reports that a recent lawsuit alleges that Toyota had knowledge of its defective accelerator as early as 2003. Maryland State Retirement and Pension System has been selected as the “lead plaintiff in a consolidated shareholder lawsuit in which [Toyota is] accused of failing to disclose defects related to sudden acceleration.” This decision “came as lawyers in another lawsuit filed by car owners said a Toyota technician called sudden acceleration an ‘extremely dangerous problem’ in 2003. That was six years before the first of several recalls of the company’s 2.3 million vehicles in North America in January. Toyota’s American depositary receipts have fallen 22 percent from a 52-week high of $91.97 on Jan. 19..3 million vehicles in North America in January. Toyota’s American depositary receipts have fallen 22 percent from a 52-week high of $91.97 on Jan. 19.. The pension fund’s law firm, Bernstein Litowitz Berger & Grossmann LLP, will serve as lead counsel in the shareholder case under yesterday’s decision by US District Judge Dale Fischer in Los Angeles.”
Toyota, the world’s largest automaker, and U.S. auto-safety regulators are looking into causes of unintended acceleration in the company’s cars and trucks. The Toyota City, Japan-based automaker has recalled more than 8 million vehicles worldwide in the past year for defects including pedals that stuck or snagged on floor mats.
The claim that Toyota knew of the problem in 2003 was included in multiple documents cited in a consolidated complaint filed yesterday by consumers claiming economic losses related to sudden acceleration by Toyota vehicles.
Copyright © 2010 The Filutowski Law Firm, PLLC. This post is intended for general information purposes only and should not be construed as legal advice or legal opinions on any specific facts or circumstances. An attorney-client relationship is not created or continued by reading this post. If you would like further information regarding the matters discussed herein, you may post a comment. If you need a consultation on a legal matter, contact Alexandra Filutowski.
[...] vehicle safety issues. In the outbreak of Toyota’s 9 million vehicle recall following its defective accelerator and steering, consumers and consumer advocates are looking to government for greater oversight and [...]