Law Firm Group Seeks National Suit Against Toyota
Class Action News
Lawyers with nearly two dozen firms around the country hope to consolidate their claims that Toyota Motor Corp.'s recalls have cost customers billions of dollars.
P. Tim Howard, a Northeastern University law professor leading the group seeking class-action status for numerous existing lawsuits, said Wednesday that the more than 8 million vehicles recalled by Toyota have collectively lost more than $2 billion in resale value because of the recalls.
Kelley Blue Book and other automotive guides have warned that the recalls begun in November are eroding the value of Toyotas. The car appraisal guide estimated Wednesday that the resale value of recalled cars and trucks will fall another 1.5 percent. That's on top of a drop of 1 percent to 3 percent Blue Book analysts forecast last week.
Howard, who litigated against tobacco companies in the 1990s, also said he will seek damages for Toyota drivers who have decided not to use their recalled vehicles, although the value is more difficult to determine.
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