Judge George Steeh to name former FBI director to manage Takata restitution funds

Federal judge, George Steeh, in Detroit stated on Thursday he plans to call former FBI director Robert Mueller to supervise almost $1 billion in Takata Corp restitution funds as part of a U.S. Justice Department settlement.

In January, Takata accepted plead guilty to criminal misbehavior and to pay $1 billion to fix a federal investigation into its air bag inflators connected to a minimum of 16 deaths globally.

As part of the settlement, Takata accepted to develop two separately administered restitution funds: one for $850 million to compensate car manufacturers for recalls, and a $125 million fund for individuals physically hurt by Takata’s airbags who have not yet reached a settlement.

U.S. District Court Judge George Steeh this year accepted Takata’s guilty plea and authorized the formerly agreed settlement.

With the criminal settlement and charges embedded in the United States, where most of air bag-related deaths and injuries have taken place, Takata is expected to continue its search for a purchaser or monetary backer, a process which has dragged on for a year.

Takata paid the $125 million on March 29 and should pay the $850 million within 5 days of the anticipated sale, merger, acquisition, or combination involving a transfer of control of Takata, as Steeh composed.

Mueller, presently a partner at a WilmerHale, worked as a federal court settlement master in a series of Volkswagen AG civil suits over excess emissions. Steeh prepares to complete the appointment after hearing any possible objections.