Kia Hyundai Theft Settlement Payout Date 2024, Share Price & History

What Happened?

News: In a significant development, Hyundai Motor Co. and Kia Corp. have agreed to a settlement of up to $145 million. This settlement aims to address claims related to vehicle theft and damage caused by design flaws in certain Kia vehicles. Let’s dive into the details.

The Problem: Vehicle Vulnerability

Several class-action lawsuits alleged that Hyundai improperly manufactured certain Kia models, leaving them vulnerable to theft and damage. The issue revolved around the absence of an engine immobilizer, a security feature that prevents unauthorized starting of the vehicle.

Which Vehicles Are Affected?

The affected vehicles include those purchased or leased in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam. Here’s the list:

• 2011-2021 Kia Forte
• 2021-2022 Kia K5
• 2011-2020 Kia Optima
• 2012-2021 Kia Rio
• 2011-2021 Kia Sedona
• 2021-2022 Kia Seltos
• 2011-2022 Kia Sorento
• 2020-2022 Kia Soul
• 2011-2022 Kia Sportage

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The Settlement Terms

While the defendants (Hyundai and Kia) have not admitted wrongdoing, they’ve agreed to this settlement to resolve the claims. Here’s what it means for affected Kia owners:

1. Software Upgrade: Certain class vehicles are eligible for a free software upgrade. This upgrade prevents vehicles locked with a key or key fob from starting without the key being present. If you own one of the eligible vehicles, check the Kia website to verify eligibility and schedule an installation appointment.

2. Steering Wheel Lock Reimbursement: If you purchased or leased an eligible vehicle at least 30 days before the software upgrade was available, you can claim reimbursement of up to $50 per vehicle for the purchase of a steering wheel lock or a similar anti-theft device.

3. Other Anti-Theft Measures: For class vehicles not eligible for the software upgrade, you may receive reimbursement of up to $300 per vehicle for the purchase and/or installation of a steering wheel lock, glass-breakage alarm, or other anti-theft system.

What’s Next?

Class members will receive a notice of the settlement by March 4, 2024, and they can file claims during the settlement period. Pending court approval on July 15, 2024, payments will begin.

This settlement aims to compensate Kia owners who experienced theft-related losses. If you’re affected, make sure to explore the options available to you and protect your vehicle.

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FAQs

Q: When will the settlement payout be made?

A: We haven’t revealed the exact date for the 2024 settlement payout yet. We’ll decide that after the final approval hearing and sorting out any legal matters.

Q: What if there are appeals against the settlement?

A: If there are appeals, we’ll have to wait until they’re resolved before making compensation payments. This might cause a further delay in the payout date.

Q: How can I file a claim for the settlement?

A: To file a claim, just share accurate details about your vehicle and personal situation. Complete the claim form and send it with the necessary documents before the deadline.