Hyundai And Kia To Pay $200M, Settle Lawsuit With Victims Of Viral Social Media Challenge
Portfolio Pulse from Lekha Gupta
Hyundai Motor Co (HYMTF) and Kia Corp (KIMTF) have agreed to pay $200 million to settle a consumer class-action lawsuit related to thefts of their vehicles inspired by a viral TikTok challenge. The settlement covers around 9 million U.S. owners and includes up to $145 million for out-of-pocket losses.
May 19, 2023 | 11:39 am
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Hyundai Motor Co agrees to pay $200 million to settle a lawsuit related to thefts of their vehicles inspired by a viral TikTok challenge.
The settlement will have a negative short-term impact on Hyundai's stock price as the company has to pay a significant amount to settle the lawsuit. This may lead to concerns among investors about the company's financials and reputation.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Kia Corp agrees to pay $200 million to settle a lawsuit related to thefts of their vehicles inspired by a viral TikTok challenge.
The settlement will have a negative short-term impact on Kia's stock price as the company has to pay a significant amount to settle the lawsuit. This may lead to concerns among investors about the company's financials and reputation.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50