CRESSKILL, N.J., Jan. 9, 2013 /PRNewswire/ -- Toyota Motor Corp. announced it is going to pay $1.4 billion to settle lawsuits over its car acceleration problem. This acceleration issue caused worldwide headlines, even leading to the CEO of Toyota, Akido Toyoda, testifying in front of a House of Representatives committee and apologizing for the safety lapse. The Japanese automaker still must face a wrongful death lawsuit, which is scheduled to begin in February.
Plaintiff's attorneys involved in the litigation know that there is often a long delay between preliminary approval and payout of legal fees. Therefore, RD Legal Funding, LLC ("RD Legal") is providing immediate settlement funding to plaintiff's attorneys with Toyota Motor Corp. settlements.
Toyota is a well-known and established brand name in the automotive business. Its cars are generally considered to be among the best and most affordable. Recently, Consumer Reports called the Toyota Prius the best small hatchback. So it was a shock to many people when news reports started surfacing about problems with accelerator pedals and floor mats in Toyota cars.
After the death of an off-duty California police officer and his passengers made the news, Toyota began recalling vehicles with the help of the United States National Highway Traffic Safety Administration. To date, Toyota has recalled over 14 million cars worldwide. The news was so bad that it caused Toyota's stock price to plummet.
According to news reports about the settlement, Toyota will establish a $250 million fund, which includes cash payments to car owners and funds to retrofit vehicles. The cash payments are for people who bought their cars between September 1, 2009 and December 31, 2010. The settlement also establishes additional driver education programs and funds new research into advanced safety technologies. A website, http://www.toyotaelsettlement.com, was established for current and former Toyota owners who qualify.
RD Legal can provide post-settlement funding to plaintiff's lawyers with Toyota settlements, which quickly monetizes legal fees associated with slow-paying settlements. Post-settlement financing does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days.
For more information about RD Legal's post-settlement funding solutions, call them toll-free at 1-800-565-5177. If you are ready to proceed, please visit http://www.legalfunding.com/solutions/fee_acceleration.cfm and fill out the brief online application.
http://youtu.be/oVQg5_gyOgM - CNN News Report about Toyota Settlement
SOURCE RD Legal Funding