Hino Motors, Ltd. (“Hino”) hereby announces that, with respect to a lawsuit filed against Hino and its subsidiaries, Hino Motors Manufacturing U.S.A., Inc. and Hino Motors Sales U.S.A., Inc. (collectively, the “Company”), in the United States District Court for the Southern District of Florida (the “Lawsuit”) details of which were disclosed on August 12, 2022, the Company executed a settlement agreement (the “Settlement”) with the Plaintiffs on October 25, 2023.
1. Overview
The Plaintiffs filed a putative class action lawsuit against the Company, claiming that the Plaintiffs suffered damages due to the Company’s alleged historical misconduct.
Hino decided to agree to the Settlement, which will resolve the Lawsuit in its entirety, in order to minimize the impact that the Lawsuit may have on Hino’s business. Hino considered various factors in making its decision, including the potential impact of a long and drawn out litigation.
2. Plaintiffs
Individuals who purchased or leased on-road vehicles sold or leased in the United States with a Hino engine from engine Model Year 2010 through and including engine Model Year 2019.
3. Settlement Amount
237.5 million USD (approximately 35 billion JPY)
Please note that the Settlement is subject to approval by the United States District Court for the Southern District of Florida.
4. Impact
The Settlement Amount will be recorded as a special loss in Hino’s financial results for the second quarter of fiscal year 2023. Hino is currently analyzing the impact of the Settlement on its business and, once the analysis is complete, it will promptly make an announcement.
Although the Settlement involves no finding or admission that the Plaintiffs’ claims have merit, Hino believes this resolution to be in the best interest of the Company and its stakeholders.
SOURCE: Hino
