Law firms want Toyota lawsuit

NEW YORK — A group of 22 law firms in 16 states wants to bring a national class action lawsuit against Toyota Motor Corp., alleging Toyota vehicles have lost billions of dollars in value in the wake of massive recalls.

P. Tim Howard, a Northeastern University law professor leading Attorneys Toyota Action Consortium, says the eight million vehicles Toyota has recalled for faulty gas pedals have collectively cost their owners more than $2 billion in lost value.

The group says it has a hearing scheduled in U.S. District Court in San Diego March 25, where a panel of judges will decide whether to consolidate the dozens of economic-loss cases filed around the country on behalf of Toyota owners.