logo
Share SHARE
FONT-SIZE Plus   Neg

Takata Shares Jump On Settlement Announcement

Shares of Takata Corp. (TKTDF.PK) jumped as much as 20.25 percent in Tokyo trading after four global automakers agreed to pay $553 million to settle with owners of vehicles for losses linked to the recall of the company's products.

On the Tokyo Stock Exchange, Takata's shares are up 80.00 yen or 20.25 percent to 475.00 yen.

Documents filed on Thursday with a Miami federal court showed Toyota, Subaru, Mazda and BMW had reached a proposed settlement to compensate owners of 15.8 million vehicles for losses due to the recall of Takata's airbags.

The air bags have been linked to 11 deaths and some 180 injuries in the U.S. alone. Thursday's settlement doesn't cover personal-injury cases that are also part of the sprawling litigation against Takata and auto makers that is consolidated in the Florida court.

Other auto makers including Honda Motor Co., Ford Motor Co. and Nissan Motor Co. aren't part of the settlement, and still face lawsuits seeking recompense for financial losses.

In January Takata agreed to $1 billion in criminal penalties, including $975 million in restitution paid to carmakers who bought the airbags and consumers who were injured by them.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Embark Veterinary Inc., a startup that makes dog DNA-testing kits for pet owners, vets and breeders, said it has raised $4.5 million in funding from investors and relocated its headquarters to Boston. The company intends to use the new funding to expand its canine genetic testing suite for pet owners, breeders, and veterinarians. Intel Corp. has completely shut down its wearables division about two weeks ago, CNBC reported, citing a person familiar with the matter. The company reportedly intends to focus on augmented reality. According to the CNBC report, Intel laid off about 80 percent of the team that made the Basis fitness watch in November 2016 and has now eliminated the division entirely. The Federal Trade Commission is investigating allegations that Amazon.com Inc. misled consumers about its pricing discounts, Reuters reported, citing a source close to the probe. The FTC probe is reportedly part of the agency's review of Amazon's proposed $13.4 billion deal to buy grocery chain Whole Foods Market Inc.
comments powered by Disqus
Follow RTT