Ford to spend up to $299M to settle Takata air bag lawsuits

Ford has agreed to spend up to $299 million to settle lawsuits filed by owners of about six million vehicles with potentially deadly Takata air bag inflators.

The agreement announced Monday must get court approval. It covers owners who claim that their vehicles' value dropped because Ford used Takata equipment.

Under the deal, owners are eligible for reimbursement of up to $500 for documented expenses. They also can get rental cars while they wait for recall repairs. Ford also agreed to an outreach program to get the recall repairs done.

Court records show attorneys will get no more than 25 percent of the settlement.

Takata inflators can explode with too much force and spew shrapnel into drivers or passengers. At least 23 people have died worldwide due to the problem.