Ford Motor Company (NYSE:F) has agreed to a US$299.1mln class action settlement over its “potentially faulty” Takata airbags, according to a Reuters report.
The settlement covers at least 6 million vehicles in the US that were equipped with the airbags.
Known as an “economic loss settlement," it covers several forms of economic damage that occurred as a result of the airbags, including claims that the cars were not as safe as they were presented as being and that Ford customers had overpaid for cars with inadequate safety features.
Ford isn’t the first big-name automaker to pay out a hefty settlement. Honda Motor Co Ltd (NYSE:HMC), Toyota Motor Corp (NYSE:TM), Nissan Motor Co, Mazda Motor Corp, Subaru Corp and BMW AG have paid a combined total of US$1.2bn, according to Reuters.
Shares of the American automaker were flat at US$10.85 in Monday after-hours trading.