Toyota settles securities class action lawsuit over massive recall of vehicles

Toyota Motor Corporation

Toyota Motor Corp. has agreed to settle a lawsuit with U.S. investors over massive recalls of its vehicles from late 2009 to 2010 due to acceleration problems, which caused its shares to plummet.

Toyota will pay $25.5 million to settle the class action lawsuit, according to U.S. media reports.

The lawsuit alleged that the company failed to disclose information about the unintended acceleration of its vehicles, although company executives were aware of the defects even before the massive recalls, which led its shares to slide about 20 percent within a week

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