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Ford to spend up to $299 million to settle Takata air bag lawsuits

Ford to spend up to $299 million to settle Takata air bag lawsuits
Ford's agreement covers owners who contend that their vehicles' value dropped because Ford used Takata equipment. Above, a Ford sign at a Florida dealership. (Alan Diaz / Associated Press)

Ford Motor Co. has agreed to spend up to $299 million to settle lawsuits filed by owners of about 6 million vehicles with potentially deadly Takata air bag inflators.

The agreement announced Monday must get court approval. It covers owners who contend that their vehicles' value dropped because Ford used Takata equipment.

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Under the deal, owners are eligible for reimbursement of up to $500 for documented expenses. They also can get rental cars while they wait for recall repairs. Ford also agreed to an outreach program to get the recall repairs done.

Court records show attorneys will get no more than 25% of the settlement.

Takata inflators can explode with too much force and spew shrapnel into drivers or passengers. At least 23 people have died worldwide because of the problem.

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