Toyota Motor Corp. has agreed to pay more than $1 billion to settle litigation over claims that its vehicles suddenly and unintentionally accelerated, according to court filings made public.  Toyota has recalled more than 14 million vehicles worldwide due to acceleration problems in several models and brake defects with the Prius hybrid.

The settlement, pending approval from U.S. District Judge James V. Selna, is valued between $1.2 and $1.4 billion, which includes direct payments to consumers as well as the installation of a brake-override system in an estimated 3.25 million vehicles.  The total value of the settlement amounts to the largest settlement of this type in U.S. history in terms of dollars paid out and number of vehicles involved.

Toyota will pay no more than $200 million in attorney fees and $27 million in expenses to plaintiffs’ lawyers, pending final court approval.  The total will be paid out to 25 law firms and about 85 attorneys.

The case is In re Toyota Motor Corp. Unintended Acceleration Marketing, Sales Practices and Products Liability Litigation, U.S. District Court, Central District of California (Santa Ana).

For more information, visit http://www.toyotaelsettlement.com/.