Wednesday, March 10, 2010
Toyota Problems Continue
Although there have been no reports of Toyota car accidents caused by accelerator problems in Charlottesville, Virginia or in Virginia Beach, Virginia, it appears that the biggest problem for Toyota is going to be all the class actions which have been filed claiming a loss in the value of all the Toyota automobiles in the country. The number of class actions filed is reported to be approaching one hundred. Yes, you read that correctly, close to one hundred class actions hoping to hold Toyota accountable for a perceived loss in the value of all those Toyota cars on the road. The stakes are huge. Estimates of the potential cost to Toyota are in the billions of dollars. As a lawyer, I find the situation fascinating. The courts are going to have to decide which actions go forward and which will be consolidated. Most significantly, a decision will be made as to which law firms are going to control the cases and reap the potential rewards of representing American Toyota owners. Are we going to have a shootout at the OK corral? I am certain that the contest will be hard fought since there can only be a few winners. As for me, I am content to watch the show because I enjoy representing my clients one at a time. I actually know all of their names and the details of their cases. I am happy to let others represent millions of people at a time.