Former Mitsubishi Executives Settle Suit

Former executives at Japanese automaker Mitsubishi Motors Corp. agreed to pay $1.63 million to settle a lawsuit brought by a shareholder who accused them of leading a massive coverup of vehicle defects spanning decades.

The settlement will be paid to the automaker to pay for improved compliance and safety. Under the deal, the 11 former executives, including former President Katsuhiko Kawazoe, will not be held responsible for the coverup or losses.

The shareholder, retired engineer Isao Yotsuya, filed the suit in March 2001, alleging the executives arranged a systematic coverup of driver complaints that resulted in a recall costing $90.3 million.