Toyota settles rust protection lawsuitWASHINGTON — Toyota will pay up to $3.4 billion to settle a class-action lawsuit brought by U.S. pickup truck and SUV owners whose vehicles lacked adequate rust protection.Court filings show the settlement reached on Oct. 31 covers 1.5 million vehicles, dealing a financial blow to the Japanese automaker whose trucks were subject to corrosion that could harm their structural integrity. The settlement applies to Tacoma trucks made from 2005 to 2010, Sequoias from 2005 to 2008 and Tundras from 2007 to 2008.The settlement estimates the value of replacing the frame at roughly $15,000 per vehicle. Under the settlement, Toyota will inspect vehicles for 12 years from their initial sales or lease date to decide if the owner is eligible for a replaced frame or reimbursement.

Samsung to acquire car-systems makerSEOUL, South Korea — Samsung Electronics said today it has agreed to acquire auto-systems maker Harman for $8 billion as the South Korean giant eyes the growing market for connected cars.Samsung will pay $112 per share in cash for the Stamford, Conn.-based company, making the acquisition Samsung’s biggest ever.Overseas acquisitions are high on Samsung’s agenda. Last month, the company bought artificial intelligence firm Viv Labs, founded by creators of Apple’s Siri. It also recently bought a cloud service company, a mobile payments firm and a connected home startup.Harman provides connected cars and audio systems with safety and entertainment features. More than 30 million cars are equipped with its auto systems. The majority of its $7 billion in annual sales in the year that ended Sept. 30 came from auto-related technologies.The company plans to keep Harman as an independent subsidiary and retain its management team.