Toyota to pay up to $3.4 billion to settle US truck lawsuit

FILE - In a Thursday, Sept. 29, 2016 file photo, the logo of Japanese car manufacturer Toyota is displayed behind members of the media Toyota at the Paris Auto Show in Paris, France. Toyota will test a new car-sharing system next year that lets users unlock doors and start cars with their smartphones. The Smart Key Box system eliminates the need for a physical key. Toyota will test the system in San Francisco with the Getaround car-sharing service starting in January 2017. (AP Photo/Christophe Ena, File)
FILE - In a Thursday, Sept. 29, 2016 file photo, the logo of Japanese car manufacturer Toyota is displayed behind members of the media Toyota at the Paris Auto Show in Paris, France. Toyota will test a new car-sharing system next year that lets users unlock doors and start cars with their smartphones. The Smart Key Box system eliminates the need for a physical key. Toyota will test the system in San Francisco with the Getaround car-sharing service starting in January 2017. (AP Photo/Christophe Ena, File)

WASHINGTON (AP) — Toyota will pay up to $3.4 billion to settle a class action lawsuit brought by U.S. pickup truck and SUV owners whose vehicles lacked adequate rust protection.

Court filings show that the settlement reached on October 31 covers 1.5 million vehicles, dealing a financial blow to the Japanese automaker whose trucks were subject to corrosion that could harm their structural integrity. The settlement applies to Tacoma trucks made from 2005 to 2010, Sequoias from 2005 to 2008 and Tundras from 2007 to 2008.

The settlement estimates the value of replacing the frame at roughly $15,000 per vehicle. Under the settlement, Toyota will inspect vehicles for 12 years from their initial sales or lease date to decide if the owner is eligible for a replaced frame or reimbursement.