Toyota (NYSE:TM) has agreed to pay $1.1 billion in a class-action suit by owners of about 16 million Toyota, Lexus and Scion vehicles that suffered from unintended acceleration and were the subject of a 2009/2010 recall, accident investigations and Congressional hearings. The settlement avoids a lengthy judicial trial and includes no admission of any wrongdoing by Toyota. The company will account for the charge during this quarter.
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As a part of its its commitment to invest $6.2 billion in US plants by 2015, Ford Motor Co (NYSE:F) is spending over $773 million on new equipment and capacity enhancement at six manufacturing plants in Southeast Michigan. The expenditure will help create 2,350 new hourly jobs and retain another 3,240 hourly jobs.
The acquisition of Knight Capital Group (NYSE:KCG) by Getco LLC got a boost after TD Ameritrade Holdings Corp (NASDAQ:AMTD), one of the largest investors in Knight, came out in support of the deal. Last week, Jefferies Group Inc (NYSE:JEF) announced it was in favour of the acquisition. TD Ameritrade holds about 7% of Knight, Jefferies 22% and Getco 16%, together accounting for 45% of the common stock in favour of the deal. Blackstone Group (NYSE:BX) holds 15.6% and is also likely to vote in favor.
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