Mitsubishi and DaimlerChrysler agree settlement

Japan’s Mitsubishi Motors said today that it had settled with DaimlerChrysler on compensation for the costly defect cover-up and recall scandal at Mitsubishi Motors’ truck unit.

The deal includes a cash payment – the amount of which was not disclosed – and the transfer of Mitsubishi Motors’ 20% stake in the truck company to DaimlerChrysler.