The Japanese air bag manufacturer- Takata Corp. has reached a settlement to satisfy their penalties and civil lawsuits
Takata was forced to file for bankruptcy because their airbags expelled with so much force that the chemical inside the airbags- ammonium nitrate, served as a propellant, killing twenty-two people died worldwide and more than one hundred eighty have been injured.
The settlement includes Takata paying $125 million to victims and another $850 million to automakers. The settlement includes selling their assets to another Chinese company for $1.6 billion.
Takata was the largest recall in automotive history. More than sixty-nine million cars in the United States was affected and another sixty million worldwide according to documents filed by the U.S. National Highway Traffic Safety Administration.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.