MIAMI — A federal court judge in Florida has approved the nearly $300-million settlement between Ford car owners and Japanese manufacturer Takata Corp. over defective airbags motorists allege exploded when deploying.
U.S. District Court Judge Federico Moreno signed off on the $299.1 million settlement on Dec. 20. The judge’s ruling also ended a dispute over attorney fees by stipulating that attorneys for the plaintiffs receive $74,775,000, or 25 percent of the common fund.
The class-action suit followed one of the largest auto recalls in history and came after the airbags in question were cited as having caused severe injuries and even deaths in some cases.
In addition to Ford, Takata Corp. has a history of supplying airbags to several other automakers, including Toyota and Honda.
In rendering his verdict on the issue of fees, Moreno asserted, “The Court finds that the settlement agreement is fair, reasonable and adequate based on the following factors, among other things: (a) there is no fraud or collusion underlying the settlement agreement; (b) the complexity,, expense, uncertainty and likely duration of litigation in the action favor settlement on behalf of the class; ( c) the settlement agreement provides meaningful benefits to the class; and ( d) any and all other applicable factors that favor final approval.”
The Ford settlement is similar to others entered into over the faulty airbags reached with automakers Toyota, BMW, Mazda, Subaru, Nissan and Honda. Litigation is still pending with a list of automakers that include GM, Fiat Chrysler, Volkswagen and Mercedes-Benz.
Peter Prieto, a partner with the Florida based firm of Podhurst Orseck, served as lead counsel for the plaintiffs over the duration of the nearly two-year proceedings.