So, here’s what can happen when someone (or company) gets sued, decides to brazen it out at trial and loses. Big.
As I reported several times recently, Toyota lost a case in Oklahoma and has decided to try to settle the remaining cases against it (a faulty accelerator pedal).
Toyota said on Friday that it would begin negotiations to settle hundreds of pending federal and state lawsuits over the sudden acceleration of its vehicles.
One statement in this story should be highlighted, because it’s sort of a universal truth and is really simple:
“I think Toyota believed that the Oklahoma case exposed the company to much greater liability than was previously thought,” said Carl Tobias, a professor who specializes in product liability at the University of Richmond School of Law.