Toyota Motor Corp.
agreed to pay $25.5 million to settle claims from shareholders who said they were harmed by the Japanese automaker's recall for unintended acceleration of millions of vehicles in 2009-10, court documents filed Tuesday show.
The proposed settlement, filed in U.S. District Court in Los Angeles, covers all U.S. Toyota shareholders who bought stock between May 2005 and Feb. 2, 2010. The settlement said there are "tens of thousands" of people who purchased stock during the nearly five year period. The company did not admit wrongdoing.
The negative publicity initially wiped out $30 billion in Toyota's market capitalization, lawyers for the shareholders said.