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Toyota unintended acceleration lawsuit settled for $16M

Slowly, the many loose threads still dangling after the unintended acceleration issue Toyota faced a few years ago are being resolved. The Orange County District Attorney's office was believed to be the first DA's office to take Toyota to court, its suit alleging that Toyota knew its cars had defects and continued to sell them. The suit sought to "permanently enjoin Toyota from continued unlawful, unfair, deceptive, and fraudulent business practices as it pertains to both consumers and competitors" and asked for $2,500 "for every violation of the Unfair Business Practices Act," plus costs.
That suit has now been settled, Toyota - without admitting fault or wrongdoing - agreeing to pay $16 million to the county. Half of the money will go to the Orange County Gang Reduction Intervention Partnership, another four million dollars to the OC DA's office to investigate economic crime, the remaining four million being used to pay for the case.

Toyota recalling 800k Camry, Avalon and Venza models for AC issue

Toyota has announced plans to voluntarily recall 803,000 vehicles from model years 2012 and 2013, over concerns with the air conditioning condenser housing. The recall covers the Camry, Camry Hybrid, Avalon, Avalon Hybrid and Venza, although the exact split between affected models wasn't available.
According to Toyota, the condenser can leak onto an airbag control module, which in turn could cause a short circuit. In most cases, this will just lead to an airbag warning light, but in rarer instances, the airbags could fail to deploy or pop out of their own accord. There's also a concern over a loss of power steering if the airbag control module develops a short.
It's unclear if there have been any injuries or crashes relating to the defects. Toyota will begin informing owners of affected vehicles via first class mail, and will ask them to report to dealerships for recall work, involving the installation of a cover on the condenser housing.

Toyota passes BMW as most valuable car brand

An annual market study of the strongest brands across various industries has seen Toyota leapfrog BMW as the world's most valuable automotive brand. Toyota's 2013 brand value rose to $24.5 billion, up 12 percent versus 2012 numbers according to market research company Millward Brown's BrandZ Top 100 Most Valuable Global Brands list. BMW's value fell slightly; down by 2 percent to a total of $24 billion.
Mercedes-Benz finished in third place in the automotive category, up 11 percent from 2012 for a valuation of $18 billion. Honda ($12.4 billion, down 2 percent) and Nissan ($10.2 billion, up 3 percent) rounded out the top five for the category. Volkswagen was the only other auto brand that finished in the top 100 overall, in 100th place. Audi made the greatest percentage gain over 2012, up 18 percent to $5.5 billion, but finished outside of the top 100.
Technology companies dominated the overall list, with Apple, Google and IBM ranking one through three. Couture brand Prada was 2013's biggest gainer, rising by 63 percent over 2012.