Big news are being reported today by the Associated Press (via New York Times). Toyota is settling the class action lawsuit brought by the owners of Toyota Tacomas, Tundras, and Sequoias by paying $3.4 billion to cover approximately 1.5 million trucks.

The settlement was reportedly reached on Oct 31, 2016. The following trucks sold in the United States were addressed in the suit: 2005-2008 Toyota Sequoias, 2007-2008 Toyota Tundras, and 2005-2010 Toyota Tacomas. The lawsuit claimed that these “trucks were subject to corrosion that could harm their structural integrity.”

The settlement estimates that a frame replacement can cost around $15,000 per vehicle. According to the settlement, Toyota is obligated to inspect vehicles for up to 12 years from their initial sales or lease date and decide whether the owner is eligible for a frame replacement or reimbursement.

This is a big financial blow to the truck maker, who produces Tacoma, Tundra, and Sequoia truck in North America.

Here are a couple of 2017 Toyota Tacoma TRD Pros that are not part of the lawsuit.