Check Your Mats

[Lexmanic]

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.com/article/SB10001424052748703556604575501693805105922.html

SO CHECK YOURS

[ChrisIS200SportTTE]

Yeah this has been going on for years with Toyota/Lexus. I know on the IS the mat on the drivers side should be held into place by a hook :)

[IHgs300]

easily sorted for £2.

http://www.ebay.co.uk/itm/TOYOTA-CAR-MAT-FIXING-RETAINING-CLIP-FREE-POST-/170892039868?pt=UK_CarsParts_Vehicles_CarParts_SM&hash=item27c9f596bc&clk_rvr_id=432712471100&afsrc=1

[Lexmanic]

Yeah this has been going on for years with Toyota/Lexus. I know on the IS the mat on the drivers side should be held into place by a hook :)

Quite but the settlement is new

[Lexmanic]

easily sorted for £2.

http://www.ebay.co.u...2471100&afsrc=1

Thanks I have 'saved' them in my seller list

[Steve]

happened to me once... just pressed the clutch and watch the car redline for a few secs before stopping an turning the engine off

[Lexmanic]

happened to me once... just pressed the clutch and watch the car redline for a few secs before stopping an turning the engine off

What if like me your an old fart & don't have a 'clutch'

[The Editor]

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.co...3805105922.html

SO CHECK YOURS

Not quite sure where you get your Billion Dollar figure from? This was an out of court settlement prior to trial (as many of them are). If a billion dollars was being claimed then you can be damn sure that this would have gone all the way through the US court system up to US supreme court.

This was a simple case settled at mediation (it never even made it into a court room). Toyota would have thrown some money at this (possibly seven figures to extinguish it).

What will be more worrying for Toyota (and more rigourously defended) will be the class action that is currently out there at present.

[Lexmanic]

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.co...3805105922.html

SO CHECK YOURS

Not quite sure where you get your Billion Dollar figure from? This was an out of court settlement prior to trial (as many of them are). If a billion dollars was being claimed then you can be damn sure that this would have gone all the way through the US court system up to US supreme court.

This was a simple case settled at mediation (it never even made it into a court room). Toyota would have thrown some money at this (possibly seven figures to extinguish it).

What will be more worrying for Toyota (and more rigourously defended) will be the class action that is currently out there at present.

Got it from here http://www.marke****ch.com/story/toyota-settles-safety-lawsuit-for-11-billion-2012-12-27?link=MW_latest_news

[ChrisIS200SportTTE]

^seems a good source... 1.1 billion!!! Wow!

[The Editor]

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.co...3805105922.html

SO CHECK YOURS

Not quite sure where you get your Billion Dollar figure from? This was an out of court settlement prior to trial (as many of them are). If a billion dollars was being claimed then you can be damn sure that this would have gone all the way through the US court system up to US supreme court.

This was a simple case settled at mediation (it never even made it into a court room). Toyota would have thrown some money at this (possibly seven figures to extinguish it).

What will be more worrying for Toyota (and more rigourously defended) will be the class action that is currently out there at present.

Got it from here http://www.marke****...=MW_latest_news

Ahhhh..... this is one of the class actions (still not ratified as yet - so not final). Allegedly there could be 16 million reciepients out of the pot so Toyota have got out for around $750 bucks a pop!

The settlement will not have to be paid in one hit, it will be structured over several years (depending on pre tax profits). Although the article says it will be levied against earnings this quarter - it won't be. Also, Toyota have been in discussions with their PL Insurers and although no liability will attach (legally) there will possibly be a contribution form their liability carriers in defence of these claims (this will blow Toyotas aggregate self insured retention and therefore insures will have taken control of this action long ago). All of this is strategically placed to avoid a trial in what is a plaintiff friendly jurasdiction - CALIFORNIA!

[Lexmanic]

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.co...3805105922.html

SO CHECK YOURS

Not quite sure where you get your Billion Dollar figure from? This was an out of court settlement prior to trial (as many of them are). If a billion dollars was being claimed then you can be damn sure that this would have gone all the way through the US court system up to US supreme court.

This was a simple case settled at mediation (it never even made it into a court room). Toyota would have thrown some money at this (possibly seven figures to extinguish it).

What will be more worrying for Toyota (and more rigourously defended) will be the class action that is currently out there at present.

Got it from here http://www.marke****...=MW_latest_news

Ahhhh..... this is one of the class actions (still not ratified as yet - so not final). Allegedly there could be 16 million reciepients out of the pot so Toyota have got out for around $750 bucks a pop!

The settlement will not have to be paid in one hit, it will be structured over several years (depending on pre tax profits). Although the article says it will be levied against earnings this quarter - it won't be. Also, Toyota have been in discussions with their PL Insurers and although no liability will attach (legally) there will possibly be a contribution form their liability carriers in defence of these claims (this will blow Toyotas aggregate self insured retention and therefore insures will have taken control of this action long ago). All of this is strategically placed to avoid a trial in what is a plaintiff friendly jurasdiction - CALIFORNIA!

Maybe But I don't think they'll be able to avoid California. The class action lawyers ain't going to let that happen. I understand its the same bunch who took Ford USA to the cleaners a few years ago

[steve2006]

I wonder if Toyota are covered by Lloyds of London, well ring that bell and put our premiums up!

[Lexmanic]

I wonder if Toyota are covered by Lloyds of London, well ring that bell and put our premiums up!

Every man, woman and their child AND their dog is covered to some degree by Lloyds. Its like the bookies all insurers offset their risk by insuring a percentage of the cover with Lloyds of London (often 80% or more) Its called reinsurance for which there are specialist brokers

[Lexmanic]

Its also the reason why Lloyds own experts will investigate a loss rather than have the original insurer do it

[The Editor]

Phew.... ok lots to answer here.

My point about California is they HAVE avoided a trial there! By settling pre trial thay have avoided an adverse jury verdict and possible punative damages which are allowable and can be awarded in all but 5 states in the US.

Toyota ARE covered by some of the Lloyds syndicates. Mostly the primary and lower excess layers (under $500 million), US domestic markets take the brunt of their property cover with their liability in the higher layers covered by the likes of Chubb, Travelers etc and heavily reinsured back into London.

Toyota have a self insured retention (excess) but anything like this where litigation is involved they would not be allowed to control themselves. Even though they have in-house counsel, the shots would be called by their insurers to limit liability.

Lloyds doesn't actually insure (or reinsure) anybody, it is simply a marketplace where individual syndicates will insure (or reinsure) a proportion of a risk. Each insurer is only responsible for their particular proportion of a risk on a policy - for example, if a policy was written for $100million and a syndicate wrote 10% they would only be on the hook for $10 million in the event of a total loss (less reinstatement etc).

I can't say too much more as you have probably guessed I'm heavily involved with the industry!!!!

[Lexmanic]

Phew.... ok lots to answer here.

My point about California is they HAVE avoided a trial there! By settling pre trial thay have avoided an adverse jury verdict and possible punative damages which are allowable and can be awarded in all but 5 states in the US.

Toyota ARE covered by some of the Lloyds syndicates. Mostly the primary and lower excess layers (under $500 million), US domestic markets take the brunt of their property cover with their liability in the higher layers covered by the likes of Chubb, Travelers etc and heavily reinsured back into London.

Toyota have a self insured retention (excess) but anything like this where litigation is involved they would not be allowed to control themselves. Even though they have in-house counsel, the shots would be called by their insurers to limit liability.

Lloyds doesn't actually insure (or reinsure) anybody, it is simply a marketplace where individual syndicates will insure (or reinsure) a proportion of a risk. Each insurer is only responsible for their particular proportion of a risk on a policy - for example, if a policy was written for $100million and a syndicate wrote 10% they would only be on the hook for $10 million in the event of a total loss (less reinstatement etc).

I can't say too much more as you have probably guessed I'm heavily involved with the industry!!!!

So was I. I was a Lloyds Associated Member who task it was to investigate such claims worldwide I was also responsible for engaging additional experts & legal counsel to engage in litigation You correct it is individual syndicates who insure under the Lloyds name but rather than name every syndicate, of which there might be many, its correct to refer to Lloyds per'say

It works that a reinsurance broker will enter Lloyds go to the expert syndicate in that field of cover they may then decide to accept say 10% then armed with that slip of paper the broker will them go around the other syndicates until they have most of it covered

[Lexmanic]

PS my info is that they have NOT yet wholly avoided California. Lets wait & see what next year brings

PS What sort of Lexus do you drive?

[Lexmanic]

To the Editor

As I said http://www.independent.ie/breaking-news/world-news/toyota-settles-first-death-case-3356772.html and this is just the 1st

[The Editor]

To the Editor

As I said http://www.independe...se-3356772.html and this is just the 1st

Yes but as expected Toyota have just thrown money at this (well, they have been told to) to avoid trial. It never made it to the courtroom and a jury!

[Lexmanic]

Yup but that's not what you claimed you stated that it was a "few hundred bucks a pop" when in fact its gonna be a few million bucks a pop

[The Editor]

Yup but that's not what you claimed you stated that it was a "few hundred bucks a pop" when in fact its gonna be a few million bucks a pop

How do you know this settled for millions unless you are party to the confidentiality agreement? Toyota have not disclosed the amount nor have the plaintiffs. This was purely settled pre trial to keep it out of the courtroom. There has been no disclosure on quantum or settlement terms! You are assuming that it has settled for a 7 figure sum based on wrongful death case of a state trooper previously.

Of the thousands of lawsuits out there many have now been consolidated into a class action. There will be numerous contributing factors on each of these cases.

Some will die before they get to settlement and have no living relatives = Zero payout

Some will be thrown out due to technicalities = Zero payout

Some will be fraudulent = Zero Payout

Some will be structured via an annuity and plaintiff will die prior to calculated medical costs accruing

Some will take a lesser sum now rather than run the risk of going to trial in a volatile state

Some will take a lesser some rather than wait for a trail date that could be set years from now. (Indeed this recent one has taken three years)

Yes SOME will settle for 7 figures but what I am saying is the AVERAGE payout given the number of potential claimants will not be that great.

To say that it will be a few million dollars per settlement I think is a little pessimistic but everyone is entitled to their own opinion :)

I am simply giving my views based on my experience on cases like this and others a lot larger. (Toxic Shock, Asbestos, Pollution, EPA clean-up costs and a plethora of Health Hazard and Pollution litigation cases), eg Bristol Myers, Dow Corning, Shell, BP, Sherwin Williams, Amtrak etc all of which have been involved (and still are) in defence cases that have been going on for decades.

This will be contained for a 'reasonable' sum and there will be no second or third generation exposure or manifestation cases to deal with as there have been with drug, pollution and other product liability issues

Just my two pennyworth.!!

All the best.

[Lexmanic]

You may be correct but I think Toyota should await the final outcome before counting their chickens or they may come home to roost. Also I suggest that any settlement pre-hearing will include an element of self imposed punitive damages

[Harry006]

Nice info everyone, looking back to the top..

Toyota/Lexus has just settled a billion dollar claim in the US for cars excellerating without warning thereby causing death & injury. A major part of the problem appears to have been poorly fitted floor mats causing the gas pedal to stick open.

http://online.wsj.co...3805105922.html

SO CHECK YOURS

This is some advice to everyone:

The accident will happen again if you carelessly don't check your car mats. Car mats are just a little thing but it can cause car accidents. To prevent that kind of accident, we have to check if our car mats are totally fitted to the car make. We should not blame the car manufacturers or anyone. It is our common sense to ensure safety. In my Lexus, I use YourCarParts Lexus Car Mats, it fits in my car make and model, I find it best and have a high quality than any other mats.

If you are a driver for your trip, you have to make sure that everything is on safe by talking to some car experts to find the necessary things to ensure safety.