Bogus Lawsuit CostsToyota 1 Billion $

[fnkngrv]

Total BS for sure. I actually refinanced my Yaris two times during the interval in which they are discussing 09/10 as well as almost traded it in on another car so I know how much the car was truly worth. The value of my car did NOT drop. IF folks received less on a trace or sale during this time because of the supposed acceleration fiasco then that was because of their own stupidity when dealing with dealers and private buyers IMHO. There are suckers born everyday and you have to love how they seem to pull the wool over so many eyes when they make bad choices or decisions. This is just like the deal back in the day with the lawsuit about coffee being hot and the cups not being labeled as such.

[Bluevitz-rs]

Originally Posted by fnkngrv

This is just like the deal back in the day with the lawsuit about coffee being hot and the cups not being labeled as such.

There's an episode of Seinfeld right there LOL.

[nookandcrannycar]

Originally Posted by fnkngrv

Total BS for sure. I actually refinanced my Yaris two times during the interval in which they are discussing 09/10 as well as almost traded it in on another car so I know how much the car was truly worth. The value of my car did NOT drop. IF folks received less on a trace or sale during this time because of the supposed acceleration fiasco then that was because of their own stupidity when dealing with dealers and private buyers IMHO. There are suckers born everyday and you have to love how they seem to pull the wool over so many eyes when they make bad choices or decisions. This is just like the deal back in the day with the lawsuit about coffee being hot and the cups not being labeled as such.

^^^^^ This. One of the reasons (IMO, and I know in the opinion of a fair number of others) we have the number of lawsuits filed that we do in the U.S. is that we haven't historically followed the concept of 'Loser Pays' re lawsuits. Quite a few other developed countries have 'Loser Pays' re lawsuits. 'Loser Pays' means that if you file a lawsuit, and you lose, you have to pay the legal fees of the party you sued in addition to your own. Here in Texas, 'Loser Pays' legislation passed the state legislature and was signed into law in 2011 (I just love this state!). This was accomplished even though Texas trial lawyers spent 13 million dollars attempting to defeat the proposal. I don't know if any other states have done this. I also don't know if obtaining class action certification (as the 'hot coffee' suit did) for a lawsuit would invalidate or change the implementation of 'Loser Pays' or not for such cases (I would hope it wouldn't).

Whenever I hear about the results of a class action lawsuit, it almost invariably seems as though the plaintiffs in the class aren't getting much and the attorneys are, IMO, overpaid. A talking head on one of the financial channels today said the attorneys were to get over 300 million of the Toyota settlement. A few minutes later (after being handed a sheet of paper) this was corrected to a bit over 200 million going to 85 attorneys in I can't remember how many firms. Still too much, IMO (even though some of the plaintiffs in this case seem to be better taken care of than in some other suits I've heard about).