The recalls made by Toyota, and the product defect problems surrounding some vehicles, have been news for quite some time. These issues have spawned a myriad of lawsuits against Toyota by Toyota owners. But what about those individuals who have not been injured because of a defective Toyota, but whose vehicle's value has decreased because of all the bad press?
Plaintiffs who have not been injured in their Toyota, but nevertheless feel they have been harmed, may be able to sue Toyota for "economic harm" to their vehicle. An example is the value given to certain Toyotas by Kelley Blue Book. The Blue Book has lowered the resale value of certain Toyotas, and given that bad press is certain to continue, many industry experts believe the value will decrease further. This is potentially an example of economic harm.
To be successful in such a suit, a plaintiff must show that the manufacture or design caused injury (Soule v General Motors Corp. (1994) 8 C4th 548, 560, 34 CR2d 607). Plaintiffs could argue that their injury is the decreased value, or "economic harm" to their property.
This type of class action suit could, potentially, expose Toyota to even greater liability then the class actions involving individuals who were physically harmed in a Toyota. Will these types of claims succeed? Stay tuned . . . because this is just the beginning of the legal fallout for Toyota.