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Published: Tuesday, 7/12/2011

Judge reduces lawsuit on Toyota stock price


LOS ANGELES — U.S. District Judge Dale Fischer has pared back a lawsuit accusing Toyota Motor Corp. of inflating its stock price by concealing problems with unintended acceleration in its vehicles.

He rejected claims related to 26 of 33 company statements referenced in the complaint.

The plaintiffs, who are seeking class-action status for the lawsuit, say that Toyota misrepresented or hid facts related to recalls of up to 10 million Toyota and Lexus vehicles at an estimated $5 billion cost to the company. Toyota recalled the vehicles after complaints that they sped up outside their drivers’ control.

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