Toyota Motor Corp. has announced that a settlement has been reached in hundreds lawsuits it had been facing for the headline-grabbing unintended acceleration problems many of its cars and trucks had. The Japanese automaker says that it will pay out more than $1 billion as part of the settlement.

These cases were filed against the carmaker in 2009 after Toyota began getting complaints about its vehicles accelerating on their own. The allegations are that unintended acceleration lead to accidents, injuries, and fatalities.

Talking about the settlement, Steve Berman, a lawyer representing Toyota owners, his clawed fingers curled with glee, said, “We kept fighting and fighting and we secured what we think was a good settlement given the risks of this litigation.”

Adding that this is the largest settlement for automobile defects in American history. Berman said, “We are extraordinarily proud of how we were able to represent the interests of Toyota owners, and believe this settlement is both comprehensive in its scope and fair in compensation.”

To make the payment, Toyota will take a single $1.1 billion pre-tax charge against earnings.

 The carmaker is placing a tip-top spin on the news with Christopher Reynolds, Toyota vice president and general counsel, saying, “In keeping with our core principles, we have structured this agreement in ways that work to put our customers first and demonstrate that they can count on Toyota to stand behind our vehicles.”    

More than 14 million vehicles had already been recalled by Toyota throughout the world due to acceleration and braking problems.