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The Takata airbag scandal, which erupted completely in 2015, is the largest automobile recall in history. Several million autos, which were equipped with airbags from Takata that had faulty inflators, had to be recalled for replacement and repairs. The inflator, which utilizes a chemical that degrades over time, can explode with too much force, sending deadly shrapnel throughout the vehicle. While many automakers such as Toyota have already entered settlement agreements, some were holding out. One of those companies is the Ford Motor Company. However, as Fortune reports, the company has finally agreed to a settlement.
The settlement, which was filed in federal court in Miami last Monday, was reached to compensate Ford vehicle owners for losses attributed to the Takata airbags. The total of the settlement is $299.1 million dollars.
The settlement requires the company to reimburse customers for out-of-pocket expenses and provide loaner vehicles for those with vehicles affected by the recall. Ford must also ramp up efforts to locate the owners of vehicles who have not responded to the recall.
Ford is the latest automotive manufacturer to settle with customers over the defective airbags. Last year, Toyota, Subaru, Mazda, and BWN collectively settled for a combined $553 million-dollar agreement. Nissan entered a separate settlement agreement for $98 million.
General Motors, Fiat, Chrysler, Volkswagen, and Mercedes-Benz are continuing to litigate the claims brought by their plaintiffs.
The Ford agreement covers some 6 million vehicles and is awaiting the required court approval.
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