Toyota, Carmakers to Pay $553 Million Over Air Bag Losses

Toyota Motor Corp., Subaru Corp., Mazda Motor Corp. and BMW have reached settlements worth $553 million to resolve economic-loss claims tied to Takata Corp. air bag recalls (In re: Takata Airbag Prod. Liab. Litig., S.D. Fla., 15-md-2599).

The companies will reimburse out-of-pocket expenses, provide loaners to some vehicle owners and set up an outreach program to increase participation in recalls, according to court papers filed Thursday. Under the accords, any funds left over will be paid, up to $500 each, to owners or leasers of vehicles.

Takata’s products, which can malfunction, sending shards of metal at drivers and ...