MT. PLEASANT, S.C.,
Feb. 17, 2018 /PRNewswire/ -- Judge
Brendan Shannon of the U.S.
Bankruptcy Court for the District of Delaware has approved a bankruptcy plan
carving out a trust for personal injury claimants as well as a
second channeling agreement allowing for future claims. Working on
behalf of current and potential future personal injury and wrongful
death victims of defective Takata airbags, Motley Rice LLC, one of
the nation's largest plaintiffs' law firms, helped negotiate the
resolutions and spoke out in favor of both plans during an approval
hearing Feb. 16, 2018. The airbags,
at the center of the largest automobile recall in history, have
been linked to at least 22 deaths and 180 injuries worldwide.
One resolution is with TK Holdings, Inc., the U.S. division of
Takata, and the other with Original Equipment Manufacturer (OEM),
Honda North America, Inc. The resolutions will be available to all
U.S. personal injury and wrongful death victims.
"Our firm has seen firsthand too many horrific, life-changing
injuries as a result of these defective Takata airbags and,
tragically, families who have lost loved ones," said Motley Rice
co-founder Joe Rice. "Like dynamite
in your car, these airbags should have never been installed in
millions of vehicles. Once they were known to be deadly, they
should have been more swiftly recalled, and the driving public
notified. Sadly, that did not happen, so we are pleased that Judge
Shannon has approved what we believe to be fair options for current
and future victims of Takata airbags that provide swift resolution
and allow victims to try to move on with their lives."
Takata Bankruptcy: Resolution for Personal Injury and
Wrongful Death Victims
"The once profitable and financially sound Takata has suffered
severe economic losses because of its defective airbags, filing for
bankruptcy and Chapter 11 protection in June
2017. The proposed sale to Key Safety Systems left minimal
compensation for victims killed or injured by Takata airbags. In an
effort to protect current and future claimants, my firm found it in
the best interest of these claimants to aggressively pursue efforts
to fund a trust using Takata assets under the bankruptcy plan,"
said Rice.
Plaintiffs have the option to opt out and file litigation
through the tort system if they feel their claim is not fair.
The estimated value of the trust is $90
million to $137 million. This
amount may increase, but will not decrease. Once the trust is open,
it would begin to accept claims in approximately mid-2018.
Mediator Eric D. Green would
oversee claims as the Trustee, and Roger
Frankel of Frankel Wyron LLP will serve as the Court
appointed Future Claims Representative of TK Holdings, et
al.
Settlement with Honda
"Because the OEMs installed these defective airbags in their
vehicles, they may also be legally responsible," said Rice. "To
that end, we recommended a settlement with Honda through a
Channeling Injunction to protect future claimants so they will not
be burdened by Honda's available defenses. Honda has the most U.S.
vehicles on the road, and there have been more than 200 reported
injuries or deaths involving defective Takata airbags in Honda cars
to date."
"Our goal is to protect current and future victims, and this
settlement through a Channeling Injunction, which at this time only
involves Honda, is the best option to do so," said Rice. "The
settlement provides victims with security and assures future
victims get similar values without concern about risks that can
come to play, or excessive delays that can sometimes occur in the
civil justice system and the appeals that often come after a trial
verdict."
Through this settlement, Honda will pay 100 percent of
compensatory damages without any credit for fault placed on Takata,
third parties or the victims. Honda also has agreed to pay,
regardless of the age of the car or the expiration of a statute of
limitations. Risks to the victim are effectively mitigated,
reducing stress and allowing them to focus on their lives and
injuries. For example, defenses that may be used in the tort system
by an OEM, such as not acting on a recall letter or driving
violations, are waived under this settlement. Additionally, the
settlement values have punitive damages built in based on known,
prior settlement values in other cases.
As with any settlement, the plaintiff has the right to opt out
and go through the tort system if they are not satisfied with the
proposed value of their claim.
Recalled Vehicles
Millions of vehicles have been recalled for defective Takata
airbags. To see if your vehicle is recalled, visit www.safercar.gov
and enter your VIN.
Learn more about recalled and defective Takata airbags.
About Motley Rice LLC
Motley Rice is one of the nation's largest plaintiffs'
litigation firms. With a tradition of representing those whose
rights have been violated, Motley Rice attorneys gained recognition
for their pioneering asbestos lawsuits, their work with the State
Attorneys General in the landmark litigation against Big Tobacco,
and their representation of 9/11 families in the ongoing lawsuit
against terrorist financiers. The firm continues to handle complex
litigation in numerous areas, including securities fraud;
antitrust; consumer protection; mesothelioma; prescription and
over-the-counter drugs; medical devices; terrorism financing and
human rights; aviation and transportation disasters; and wrongful
death. Motley Rice is headquartered in Mt. Pleasant, S.C., and has additional offices
in Connecticut; Louisiana; Washington, D.C.; New York; Missouri; Rhode
Island; and West Virginia.
For more information, contact Motley Rice attorney Joe Rice (DC, SC) at 1.800.768.4026 or visit
www.motleyrice.com. Connect with us on Facebook, LinkedIn, and
Twitter.
View original
content:http://www.prnewswire.com/news-releases/resolutions-reached-for-takata-airbag-victims-300600444.html
SOURCE Motley Rice LLC