I read the other day that there are class action lawsuits against Toyota that could result in $500 - $1,000 going to those Toyota owners who are part of the lawsuit. Anyone know the facts? Would the 2010 Prius fall into this category? Is this payout designed to reimburse one for the loss of resale value? Just looking for the facts.
I would like the $500 to $1,000 payoff, but it would be dishonest. My 2010 Prius works great and is the most economical and trouble-free car that I have owned.
So if I were to buy a Prius today I can cash in as well? Is this part of the March incentive program to offer "rebates" of up to $1000? C'mon guys - wake up! These class action lawyers love to drop this type of bait - who doesn't want free money? The truth is that each person might get some kind of remuneration (doubtful if even $500), but the lawyers will sure roll in the money (typically >$1M easy). Loss of resale value?! Then sue the dealer the moment you drove your car off the lot. Sue Dell the moment you opened the box containing the new computer. This whole thing just highlights how little personal responsibility the mass public appears to have. America should switch to a communist economy - then everyone will be happy - free money for all (and you won't even need the lawyers to get it!)
I heard on KTAR that these class actions lawsuits could cost Toyota over 3 BILLION dollars. which would be enough to sink Toyota. What a shame. I agree w/ Mad Dog....I love my Prius and want no part in a class action lawsuit. Yes, our cars have taken a bigger depreciation hit than normal, but cars aren't investments so who cares? Enough with greedy lawyers already!
These suits have not proceeded to the point of having certified classes and proposed settlements, so there are few facts to report. If you want something specific, you have to sue them yourself or sign on as a lead plaintiff on an existing suit, and work hard to not get marginalized as these very many suits get consolidated. A single plaintiff does not make a class action. When the required notices to all the class members start coming out, I'm likely to be sending very nasty replies to the lawyers to exclude me from their class. And may consider side notices to the courts, in case the lawyers are not correctly handling these replies.
The lawyers will get multimillions each. Just as the lawyers in the case for the suit for 600 + millions for the workers on the Trade Center disaster. They will get at minimum fifty per cent of the award.
3 billion would not sink Toyota. Not even close. Based on market capitalization of TM at $186 billion, it's worth 5.3 times the combined market cap of Ford ($12.8 billion), GM ($12.43 billion), and Chrysler (or what it was sold for - 80% for $7.4 billion). As of Dec. 2009 Toyota's cash on hand was $43.09 billion. http://ycharts.com/companies/TM/cash_on_hand
I've heard the statement too many times from people who are enraged and not at all sarcastic. But clueless to what class action means.
This is most likely going to happen. I mean who runs the justice system in this country? The government. Who owns portions of both GM and Chrysler? The government. Who would like to see their babies do well and the American car become king of cars again? The Government. This is all a sham and is stupid that this is allowed to go on. How the heck can this government judge Toyota fairly when they have vested interest in the same industry. Crap is what it is. Definitely going to opt out of this when the letter comes.
The lack of sympathy expressed on this site for starving lawyers is heartless and appalling. No need for a class action suit. I suggest we all donate a dollar to the bar association.
Market Cap does give a general view of the relative size and general health of a company which is why I included it along with the cash on hand that was mentioned earlier. IMO more information is never bad as long as the information pertinent to the discussion is also included.
This is the part that just makes me want to puke. There is no way on Earth that all these people individually decided to file the class-action lawsuit with the same attorneys at the same time. You know the attorneys have been trolling the net, sending out emails, and fliers and probably plastering fliers on parked Toyota trying to drum up plaintiffs. There's a special place for lawyers. It's described quite well in "The Inferno."
