Hyundai, Kia propose settlement of U.S. fuel economy lawsuits

U.S. units of South Korean sister companies Hyundai Motor Co and Kia Motors Corp on Monday said they reached an agreement to pay a total of $395 million to settle lawsuits filed by owners of cars affected by the companies' overstatements of fuel economy ratings. The agreement would affect American owners of about 600,000 Hyundai and 300,000 Kia vehicles from the 2011 to 2013 model years. In November 2012, the two companies conceded that they overstated fuel economy by at least a mile per gallon on vehicles after the U.S. Environmental Protection Agency found errors for 13 Hyundai and Kia models from the 2011 to 2013 model years. Hyundai and Kia both gained bigger shares of the U.S. new-vehicle market in the past decade, particularly during the economic downturn of 2008 to 2010 when consumers saw bargains in their lineups of fuel-efficient and relatively low-priced vehicles.

via Business News - Yahoo Finance http://finance.yahoo.com/news/hyundai-kia-propose-settlement-u-230837013.html