As part of the plea agreement in the U.S. District Court for the Eastern District of Michigan, Takata Corp. agreed to pay:
- $481,848,850 to auto manufacturers defrauded in connection with their purchase of non-compliant ammonium nitrate-based inflators in the Takata air bag systems
- $368,151,150 to all automakers that purchased airbags with phase-stabilized ammonium nitrate inflators from Takata, or its subsidiaries
- $125,000,000 in restitution to individuals who have or will suffer personal injury caused by the malfunction of a Takata air bag inflator
As trustee, Wilmington Trust will manage and distribute the funds as directed by court-appointed Special Master Eric D. Green.
“We appreciate the confidence being shown in Wilmington Trust’s appointment to administer and manage the Takata Restitution Fund Trust,” said Jack Beeson, head of Global Capital Markets at Wilmington Trust. “We take our responsibility for managing these restitution funds very seriously, as we do with every corporate transaction we’re selected to manage.”
Earlier this year, Wilmington Trust was also appointed trustee and investment manager for the $2.7 billion Volkswagen Environmental Mitigation Trust by the U.S. Environmental Protection Agency and the U.S. Department of Justice.
In addition to the Takata and VW trustee roles, Wilmington Trust also chaired the unsecured creditors’ committee for both the General Motors Corporation and Lehman Brothers bankruptcy cases.
For additional information about the Takata Restitution Fund Trust, please visit www.takataspecialmaster.com and www.justice.gov/criminal-vns/case/takata-airbag-inflator-matter.
For inquiries regarding Wilmington Trust’s capacity as trustee and investment manager, please contact David Vanaskey at (302)636-6019.