Huge Class Action Settlement is Reached with Ford Motor Company. Shareholder Steven Pavsner is a Lead Counsel in the Case
Following a California Judge's ruling that Ford Motor Company fraudulently concealed the existence of a defect in the thick file ignition ("TFI") modules of 23 million Ford vehicles sold between 1983-1995, Ford has agreed to settle the case by extending the warranty on the part from the present 5 year/50,000 miles to 100,000 miles, and to reimburse millions of consumers who paid to replace the faulty module within 100,000 miles. The reimbursement is expected to return $500 million to $1 billion to consumers nationwide. The case was the largest class action against a major automobile manufacturer in history. The New York Times credited shareholder Steve Pavsner's deposition of Ford President Jacques Nasser for Ford's decision to settle the case after years of litigation.
