Takata to pay $553 million in settlement for faulty airbags

Impacted customers get up to $500

(WSYR-TV) - Takata has agreed to pay out up to $500 to car owners whose vehicles were outfitted with the company's faulty airbags.

That payout is part of a new consumer settlement, and owners of nearly 16 million vehicles made by Toyota, Subaru, BMW and Mazda are eligible for compensation.

The amount each car owner is paid will vary, depending upon their circumstances.

The proposed deal comes more than eight years after initial reports of the exploding bags.

In total, Takata will pay $553 million. Some of that money will go to programs designed to get car owners to get their airbags replaced.

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