Takata Corp releases statement on bankruptcy filing

Peter Prieto, Court-appointed Chair Lead Counsel for the consumer plaintiffs in the Takata Airbag Product Liability Litigation, released a statement concerning the recent bankruptcy filing by Takata Corp.

“We do not expect a Takata bankruptcy to have an impact on claims pending against auto manufacturer defendants for their role in the airbag scandal. Settlement agreements with Toyota, Subaru, BMW and Mazda have already received preliminary approval from the MDL Court, and will accelerate the removal of dangerous airbag inflators from 15.8 million vehicles and compensate consumers for economic losses associated with the recall. We will continue fighting for our clients and prosecuting claims against Honda, Ford, Nissan, as well as Takata, to make sure all affected consumers receive the recourse they deserve.”

Preliminary approval was granted on June 12 to class action settlement agreements that resolve economic loss claims against automakers such as BMW, Mazda, Subaru, and Toyota. The settlements are pending in the Southern District of Florida as part of the multidistrict litigation currently being overseen by Judge Federico A. Moreno. A final approval hearing will be held on October 25, 2017.