Hyundai has recently reached a settlement in a class action lawsuit regarding certain 2011-2022 model year vehicles. The lawsuit alleged design flaws in these vehicles, specifically the absence of an engine immobilizer, which made them more susceptible to theft and damage. As a result of the settlement, Hyundai has agreed to establish a Common Fund of at least $80 million, with the potential to reach up to $145 million, for the payment of approved claims.
One of the key provisions of the settlement is a Software Upgrade that will prevent vehicles locked with a key or key fob from starting without the key being present. This upgrade will be performed free of charge at authorized Hyundai dealerships for eligible vehicles. In addition, owners of these vehicles may be eligible for reimbursement of up to $250 for lost income and/or childcare costs resulting from the implementation of the Software Upgrade.
For vehicles that are not eligible for the Software Upgrade, Hyundai is offering reimbursement of up to $300 for the purchase and installation of a steering wheel lock, glass breakage alarm, or similar anti-theft system. If owners have already received a steering wheel lock from Hyundai, they may be eligible for reimbursement of up to $250.
To receive benefits under the settlement, owners must file a claim form along with the required supporting documentation. Claim forms can be submitted online through the Hyundai Theft Settlement website or by mail. The deadline for submitting claim forms is January 11, 2025.
It is important to note that if owners do not exclude themselves in writing by May 3, 2024, they will be considered part of the settlement class and will be unable to pursue further legal action against Hyundai related to the lack of engine immobilizers. However, owners have the option to object to the settlement or request permission to appear and speak at the Fairness Hearing, which is scheduled for July 15, 2024.
For more information about the settlement, including how to file a claim or request to be excluded, visit the Hyundai Theft Settlement website or contact the Hyundai Theft Settlement Administrator directly.
While the article provides an overview of the settlement reached by Hyundai in the vehicle theft lawsuit, it does not delve into current market trends or provide specific forecasts. However, it is worth noting that the issue of vehicle theft and security has been a concern in the automotive industry. With advancements in technology, there has been a rise in the development of anti-theft systems to enhance the security of vehicles.
Many automakers, including Hyundai, have been incorporating advanced security features into their vehicles to prevent theft. This includes the implementation of engine immobilizers, which are designed to prevent the engine from starting without the correct key or key fob. The settlement itself reflects Hyundai acknowledging the importance of such security measures and taking steps to address the alleged design flaws in their vehicles.
In terms of challenges and controversies, one key issue that could arise is the potential impact on Hyundai’s reputation and public perception. While the settlement demonstrates Hyundai’s commitment to resolving the issue, some might question why the absence of an engine immobilizer was not addressed earlier.
Additionally, there may be debates about the adequacy of the settlement amount. While the Common Fund established by Hyundai is substantial, reaching up to $145 million, some critics might argue that it does not fully compensate affected owners for the losses and potential risks they faced due to the alleged design flaws.
Overall, the settlement serves both as a resolution for affected owners and as an opportunity for Hyundai to improve their vehicles’ security features and restore trust in their brand.
For further information on market trends, forecasts, and challenges associated with vehicle theft prevention, you can refer to the following link from the National Insurance Crime Bureau: Vehicle Theft Prevention. This website offers valuable insights into current market trends, statistics, and tips for preventing vehicle theft.