Honda has reached an agreement to resolve the economic loss claims in the Takata airbag inflator multidistrict class action litigation in the US. It says the settlement is structured to provide additional resources, activities, and opportunities to further enhance Honda's industry leading efforts to reach and encourage our customers to bring their cars to authorised dealers for the free airbag inflator recall repair.

As part of the settlement valued at US$605m, Honda will create a fund of nearly US$200m to augment its recall efforts, with a specific focus on reaching owners of affected vehicles who have not been located or have not responded to the recall notices. Honda has been making a variety of efforts to reach out to owners to expedite the repair. This fund will further supplement our already robust actions to repair every car on the road affected by the recall and assure the safety of drivers and passengers. An ample supply of replacement airbag inflators are readily available for all of the remaining affected vehicles.

The settlement also establishes a fund to reimburse out-of-pocket costs incurred by Honda customers in obtaining the free replacement part.

This agreement covers Honda and Acura vehicles already recalled or subject to any future recall for Takata inflators used in driver or front passenger airbag modules in the US. The settlement also provides additional coverage for free repairs or replacements for Takata airbag inflators still in use and for replacement airbag inflators from other suppliers.

The Takata airbag inflator recall is the largest such action in history, affecting more than 42m vehicles in the US and involving 19 automakers.

Honda continues to urge owners of Honda and Acura vehicles affected by the Takata airbag inflator recalls to get their vehicles repaired at authorised dealers as soon as possible. Vehicle owners can check their vehicles' recall status at www.recalls.honda.com for Honda owners or www.recalls.acura.com for Acura owners or by calling their authorised dealer.

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