Honda might owe you $500 after defective air bag settlement

Millions of U.S. Honda and Acura vehicle owners are expected to receive $500 under a new settlement agreement with the automaker over defective Takata air bags.

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The Japanese automaker agreed to settle a class-action lawsuit for more than $600 million, according to USA Today, making Honda and Acura owners eligible for the compensation.

The settlement  also covers the costs of repairing some 16 million Honda and Acura vehicles in the U.S., the highest number of vehicles with the defective air bags, which can suddenly explode and send metal pieces flying into passengers.

Toyota, Subaru, BMW, Mazda and Nissan already have similar agreements with the owners of vehicles with Takata air bags.

The defective airbags have already killed at least 16 people.

The agreement still needs legal authorization.

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