MSN reports on an AP article documenting the recent spate of lawsuits against the automaker by consumers who claim their vehicles have decreased in value since the massive recall ordered last fall. At least 89 class action lawsuits have been filed around the country. Experts believe such lawsuits could ultimately cost Toyota 3+ Billion, yes billion, dollars. This does not include those lawsuits claiming personal injury or death from defects.
The consumers allege that Toyota knew about safety problems but hid those problems from consumers who purchased their cars. They site to recent decisions by such companies as Kelly Blue Book to reduce the resale value on recalled vehicles by 3.5 percent. While this is not much, with an estimated 6 million recall victims, a certified class getting just $500 per member could reach into the billions.
Toyota of course denies that a vehicle will depreciate much if repaired quickly at no cost, which they offer. However, the issue still remains over whether or not Toyota has identified the problem of sudden acceleration. Toyota continues to deny that electronic computer controls are to blame, but car owners continue to complain of sudden acceleration after the vehicles have been repaired.