Automakers reach $553 million settlement over faulty Takata airbags

Millions of car owners whose vehicles were outfitted by the Takata airbags recall could soon receive some type of compensation.

A settlement was reached Thursday between four automobile companies and affected drivers. The amount each owner will get varies, but some could receive up to $500.

Drivers of nearly 16 million vehicles made by Subaru, Toyota, BMW and Mazda are all eligible for compensation.

The deal comes more than 8 years after initial reports of the recall first emerged.

The companies will pay a total of 553 million dollars. But not all of the money will go to car owners.

Some will go towards lawyers’ fees, but those payments haven’t been worked out yet.

Another portion of the money will be put towards a program aimed at getting more drivers to have their recalled cars fixed. That effort would regularly contact any affected car owners by mail, phone and social media.