German automaker BMW AG (BMWG.DE) has agreed to pay up to $477.7 million to settle a class-action lawsuit covering about 318,000 U.S. luxury car owners who may have suffered water damage harming electrical components in vehicle trunks.
According to settlement documents filed in U.S. District Court in New York last week, the settlement covers owners of 2004-2010 model year BMW 5 Series cars and will allow owners to receive up to a $1,500 reimbursement for prior repairs.
