The settlement comes after 4.4 million Nissan vehicles were recalled due to faulty Takata air bag inflators, Reuters reported.
Nissan Motor Co. and its USA unit will pay nearly USD98 million to settle economic-loss claims tied to Takata Corp. air bag recalls.
Nissan said in a statement that it was not admitting fault under the settlement.
The Nissan settlement is similar to those reached in May with Toyota, BMW, Mazda and Subaru. Ford Motor Co., and Honda Motor Co., have not agreed till date for a settlement on consumer electronic loss claims.
Under the agreement, Nissan owners would get up to $500, a free rental vehicle and reimbursement of "reasonable expenses" such as transportation, childcare and lost wages, according to USA Today.More news: Harsh Rhetoric Between North Korea and Trump Worries Investors
Without the injunction, Takata said the litigation would distract management from completing the $1.6 billion sale of its viable operations to Key Safety Systems (KSS) and could threaten the supply of air bag inflators to replace recalled ones.
Apparently, the faulty inflators can cause air bags to explode with excessive force during collisions, unleashing metal shrapnel inside cars and trucks. At least 18 deaths and 180 injuries worldwide have been linked to Takata air bags.
As of late June, only 29.9 percent of Nissan vehicles recalled with Takata inflators had been fixed.
In January, Takata agreed to plead guilty to criminal wrongdoing and to pay $1 billion to resolve a USA federal investigation into its inflators. Takata has said it expects 125 million vehicles worldwide to be recalled by 2019.