DETROIT – Honda and some of the people suing the company over faulty Takata air bag inflators have agreed to a $605 million settlement.
The settlement covers owners of 16.5 million Honda cars with the inflators.
Under the deal, Honda gets credit for spending $121 million on rental cars for customers who had to wait for parts. That leaves $484 million. Of that, Honda will spend as much as $199 million finding owners who haven’t had their cars repaired.
The rest goes to attorney fees and to reimburse owners for expenses such as rental cars and lost wages. Owners can make claims that their cars dropped in value. A court-appointed administrator will decide on payment.
The settlement doesn’t cover injury or death claims. It still must be approved by a federal judge.