Toyota has agreed to pay out more than a billion euros to settle a class action lawsuit launched by car owners affected by a series of mass recalls.
The company has agreed to compensate motorists who argued that the value of their cars plummeted after a series of deadly accidents in 2009 when Toyota vehicles sped out of control.
Toyota has not accepted any blame.
The money will cover the cost of installing a brake override system in some vehicles, and provide a cash option for others.
The Japanese car maker has described the settlement as “a significant step forward”.
Once praised for its safety record, Toyota’s reputation has taken a hit in recent years due to a series of recalls prompted by concerns over defects.