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The world’s greatest carmaker, Toyota, has agreed to settle a US Federal class motion for as much as $three.4bn (£2.7bn).

It was introduced by US house owners of pickup vehicles and SUVs whose claimed their frames may rust by.

The proposed settlement covers 1.5 million Tacoma compact pickups, Tundra full-size pickups and Sequoia SUVs.

Courtroom papers alleged that the automobiles had acquired insufficient rust safety, and that corrosion may jeopardise their structural integrity.

Attorneys for the plaintiffs estimated the price of body replacements at about $three.375bn.

That was based mostly on a value of about $15,000 per car and inspection prices of about $90m, at $60 per car.

The Japanese carmaker Toyota admitted no legal responsibility or wrongdoing within the proposed settlement.

“We wish our clients to have a terrific possession expertise, so we’re happy to resolve this litigation in a approach that advantages them and demonstrates that we stand behind the standard and reliability of our automobiles,” Toyota mentioned in a press release.

Underneath the phrases of the settlement, Toyota will examine the automobiles for 12 years from the day they have been first offered or leased with a view to verify if frames should be changed at firm expense.

They may also reimburse house owners who beforehand paid for body substitute.

The settlement covers Tacoma vehicles from the mannequin years 2005 to 2010, Sequoias from 2005 to 2008 and Tundras from the 2007 and 2008 mannequin years.