Carmakers to pay $553 million over Takata airbag issue

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The legal battle over the deadly flaws in Takata airbags moved a step closer to resolution on Thursday, when four automakers agreed to compensate owners of recalled cars.

Under a proposed settlement in a class-action case, Toyota, BMW, Subaru and Mazda are set to pay a total of $553 million to current and former owners and lessees of 15.8 million vehicles. The money is meant to reimburse them for car rentals or other expenses - like lost wages, towing charges or child care - incurred while waiting for their cars to be repaired.

The agreement, filed in United States District Court in Miami, is subject to court approval.
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