Axalta Announces Board Changes
Proposed $42M Settlement Includes Removal of Takata Airbag Inflators in 1.35M Volkswagen and Audi Vehicles
Axalta Coating Systems, a leading global supplier of liquid and powder coatings, on Aug. 30 announced Mark Garrett has stepped down as a member and chair of its Board of Directors, effective Aug. 26, due to his increasing professional commitments in Europe. The board has appointed William M. Cook as its new chair, effective upon Garrett’s resignation. Cook joined Axalta’s board in 2019. He previously served as executive chairman of Donaldson Company, Inc. until 2016, and prior to that served as chairman, CEO and president of Donaldson for more than 10 years. During his 35-year career at Donaldson, Cook held various roles of increasing responsibility, including senior vice president, international, CFO and senior vice president, commercial and industrial. Cook also brings to the board strong public company board experience. Source: Axalta
Plaintiffs in the Takata Airbag Product Liability Multidistrict Litigation on Sept. 1 filed a class action settlement agreement resolving claims against Volkswagen Group of America, Inc. and Audi of America, LLC, and its affiliates that will accelerate the removal of dangerous airbag inflators from approximately 1.35 million affected vehicles while also compensating consumers for their economic losses. The proposed $42 million settlement will provide numerous benefits to current and former owners and lessees of the affected vehicles, similar to agreements previously announced with Toyota, BMW, Mazda, Subaru, Nissan, Honda and Ford. The agreement was filed in the U.S. District Court for the Southern District of Florida, Miami Division, as part of the multidistrict litigation being overseen by Judge Federico A. Moreno. “We are pleased that after three years of hard-fought litigation we have reached a settlement with Volkswagen that will bring significant monetary and other relief to more than a million class members,” said Peter Prieto, court-appointed plain-
tiffs’ chair lead counsel, who, along with other members of the plaintiffs’ leadership, negotiated the settlement on behalf of consumers. “This agreement will not only expand awareness of the Takata recalls and improve driver safety by accelerating the removal of defective airbags from our roads, but will provide compensation to affected VW and Audi consumers,” Prieto said. “We will continue to vigorously prosecute our claims against Mercedes Benz, General Motors and FCA to ensure that our clients obtain the relief they deserve.” Among the benefits provided for in the settlement is an outreach program overseen by an independent settlement special administrator that enhances and expands upon VW’s and Audi’s outreach efforts to significantly increase recall remedy completion rates. The program will regularly contact class members through direct mail, phone calls, email, internet ads and social media to educate them about the settlement and incentivize them to receive the recall remedy and exercise their rights under the settlement agreement.
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The settlement also provides compensation to class members for their economic losses resulting from the recall in the form of reimbursement for reasonable out-of-pocket expenses, a possible residual distribution payment of up to $500, requirements to provide rental cars to class members while they wait for their recall remedies and the provision of a customer support program for repairs and adjustments on the replacement inflators, including an extended warranty. This settlement is subject to court approval. If preliminary approval is granted, class members will receive more information about the terms of the settlement. The benefits of the Enhanced Rental Car Loaner Program will be provided no later than the date of preliminary approval. When and if the court grants final approval, the claims process will open to eligible class members pending any appeals that are filed. Personal injury claims related to the Takata Airbag Litigation are not covered by this settlement. Source: Schwartz Media Strategies
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