Lawsuit Alleges Toyota Knew Of Electronics Problems Long Time Before Recall

A lawsuit was filed against Toyota Motor TM yesterday, seeking class-action status. The plaintiffs claim that the automaker knew about the electronics problems in its automobiles long before it was forced by several high-profile acceleration incidents to initiate a series of recalls. The recalls have proved to be extremely embarrassing and costly for the company. The class may comprise of as many as 40 million people. As a result, if the plaintiffs succeed, TM’s billions of dollars will potentially be at stake. TM’s shares were up 0.97% to $72.74 at 2:56 pm. Read more from Benzinga's Markets.