According to several news agencies, Toyota Motor North America has announced that it has agreed to resolve an economic loss litigation regarding recalls of certain vehicles.

The reports indicate that the company will be committing to deliver value to it affected and future customers as a result.

The company decided pay the fees regarding this loss litigation and use the moment to report officially that it will be dedicating its resources on making vehicles that are safer and more efficient than ever to meet their customers’ needs. The company stated in the official report that although independent studies and other evaluations showed that the electronic throttle control systems in Toyota cars were safe, Toyota decided to turn the page on this legal matter and focus on creating a program that will offer consumers a supplemental coverage for vehicles that are not equipped with free brake override systems.

All affected customers will be entitled to receive cash payments who decided to sell or turn in their affected vehicles during the period between 2009 and 2010.

The settlement is also seeking the establishing of additional driver education programs that would offer researches into new auto safety technologies.

For the full report published by the company and more details on this economic loss litigation, click here.