Here is the most recent information on the Kia-Hyundai Class Action Lawsuit 2024 Settlement, which includes the payment dates and eligibility requirements. Because of their reasonably priced and reasonably well-designed automobiles, Kia and Hyundai are frequently purchased by consumers.
On the other hand, those who have been exposed to the news of the case will be somewhat hesitant to purchase Kia and Hyundai. To read the whole tale of the Kia-Hyundai Class Action Lawsuit, continue perusing the page.
$3375 Kia-Hyundai Class Action Lawsuit In 2024
Both Hyundai and Kia are subsidiaries of the Hyundai Motor Group, which is a South Korean vehicle manufacturer. Because of a flaw that rendered certain vehicle models very susceptible to theft, New York City has joined several other towns in filing a lawsuit against Kia and Hyundai.
This case is part of a larger group of cities that are concerned about a surge of auto theft that social media have spurred. Videos that were uploaded to social media platforms such as TikTok and other websites demonstrated how to start automobiles by using screwdrivers and USB cords, and these videos quickly gained widespread attention.
The primary reason for this is that certain of the models that Kia and Hyundai marketed in the United States did not come equipped with engine immobilizers. Engine immobilizers are a common feature that has been included in virtually all automobiles since the 1990s and prevent the engine from starting unless the key is present. You may find out the precise amount of compensation that you are eligible to receive from the Kia-Hyundai Class Action Lawsuit by scrolling down.
The Upgrade of Software
On the off chance that you own a Class Vehicle and are interested in preventing it from starting without the key, you might be eligible for a free software upgrade. Except for vehicles registered in Guam, Puerto Rico, and the United States Virgin Islands, this upgrade is available for certain Class Vehicles in all fifty states and the District of Columbia.
Software Upgrade Not Available for This User
There is a compensation offer of up to $300 per car for Class Members who have vehicles that are not eligible for the Software Upgrade. This includes the purchase and installation of anti-theft equipment such as a steering wheel lock, glass breakage alarm, or other similar devices.
Those who have previously obtained a steering wheel lock from Kia, whether directly, via a dealer, or through law enforcement, are eligible to receive up to $250 per vehicle for the purchase and installation of a glass breakage alarm or the installation of other equivalent anti-theft upgrades. The United States of America, including Puerto Rico, the United States Virgin Islands, and Guam, allows owners or lessees of certain Kia models to file claims.
The software update is not available for certain Class Vehicles that are listed in the fifty states and the District of Columbia; nonetheless, these vehicles may be eligible for reimbursement from the fund.
The settlement costs $3375
The major automobile manufacturer Kia-Hyundai is the only one that has stopped producing automobiles with key ignition; from 2021, all of their vehicles have been equipped with pushed button starters. Auto theft has increased rapidly over the years, and the fundamental explanation behind it is not used in most of the current models.
NYC filed legal action against a vehicle manufacturing business because a criminal had been taking advantage of consumers by stealing their automobiles made by Kia-Hyundai. At the present moment, the court has given a prior agreement to the firm to modify the settlement agreement; the cash will only be distributed to the consumers if the court provides final permission.
Kia-Hyundai Settlement Payment Dates’ details
Kia-Hyundai has accepted the settlement and will reimburse the qualifying consumers $200 million in total. The action, which covers around 9 million people, will be resolved as a result of the settlement. Customers who were impacted by the theft of engine immobilizers are in this category. Either $3,375 or 33 per cent of the car’s value, whichever is larger, for damages to the vehicle or loss or damage to personal goods that occurred as a result of such occurrences.
There is currently no information on the Kia-Hyundai Settlement Payment dates. In February, the company said that it would soon launch a software upgrade for around 8.3 million American automobiles lacking theft protection immobilizers to assist in controlling escalated car thefts using the popular method, which went viral on ticktock and several other social media platforms.
Eligibility criteria for a Class Action Lawsuit Regarding Kia-Hyundai
Additionally, if you are a resident of the United States and you bought any of the models that we mentioned on the list, you are eligible to receive the settlement amount.
It is essential to take notice that the Kia-Hyundai Class Action Lawsuit does not make any claims for thefts that have occurred in the past or may occur in the future. Customers who have previously purchased a starring well lock from the firm, either via the dealer or through law enforcement, are eligible to get $250 for each car in exchange for purchasing and installing a glass-shattering alarm or theft prevention devices. This offer is valid for a limited time only.
Monetary Compensation
A Common Fund with a range of $80,000,000 to $145,000,000 is available for distribution to all Class Members for claims that have been approved. The expenditures that are incurred as a result of the Software Upgrade or theft or attempted theft of their car are compensated by this fund.
The terms “Qualifying Theft” and “Qualifying Theft Attempt” are used to describe attempted thefts that include forced entrance and tampering with the steering or ignition of the vehicle. “Qualifying Theft” refers to real thefts of vehicles that occur via forced access and ignition breach.
In-Depth Information Regard
The following are some of the losses and expenses that claimants may be eligible to receive compensation for:
- The Black Book value of vehicles that have been lost as a result of a Qualifying Theft or Attempt can not exceed sixty per cent.
- For damages to the vehicle or loss or damage to personal property that occurred during such incidents, the greater the amount of $3,375 or 33 per cent of the total amount.
- As much as $375 for insurance deductibles and premiums that have risen as a result of theft coverage after a Qualifying Theft or Attempt might be awarded.
- Up to $250 for extra expenditures, such as transportation, towing, or penalties from the theft or attempt.
- As much as $250 in total compensation for missed income and expenditures associated with childcare that were spent during the process of upgrading the software.
Reimbursement for up to two key fobs provided by the original equipment manufacturer (OEM) if a Kia dealership directs you to do so for the Software Upgrade, with a maximum reimbursement of $350 for each key fob.
All That We Are Aware Of
A settlement has been reached between the parties engaged in a lawsuit to avoid a lengthy legal process and to provide assistance to individuals who have been harmed. Money and an update to the program are the two forms of compensation that are available.
An update to the software is not available to everyone. Following a theft or attempted theft that meets the criteria, you may be eligible to receive up to $375 in insurance deductibles and boosted premiums as a result of purchasing a theft policy.
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Customers have the opportunity to get a maximum of $250 for each car if they purchase and install a glass breakage alarm or other theft-prevention equipment from the same manufacturer. In the United States of America, including the United States Virgin Islands, Puerto Rico, and Guam, individuals who own certain Kia models are eligible to enter and submit a claim. The software update is not available for all of the cars in the fifty states and the District of Columbia; nevertheless, these vehicles are eligible to receive the funds from the fund anyway.
Calista Embry is a finance journalist who graduated from Johns Hopkins University. She has a passion for writing and researching the impact of finance on social life.