What was the purpose of the Toyota Economic Loss settlement?

The Toyota Economic Loss Settlement is the settlement to a class-action lawsuit pertaining to the defect of certain Toyota, Scion and Lexus vehicles that contain an electronic throttle control system, according to Edmunds. The defect causes unexpected and involuntary acceleration of the vehicle.

The Toyota Economic Loss Settlement addresses owners of cars purchased, leased or insured before Dec. 28, 2012. The settlement has cost Toyota more than $1 billion and affected around 19 million vehicles, states Edmunds. In addition to monetary compensation, Toyota has offered owners of certain vehicles affected by the lawsuit to have a brake override system installed in their vehicles at no cost.