The bankrupt air bag maker Takata and its U.S. subsidiary, TK Holdings, have reached a $650 million settlement agreement with 44 states, including New Jersey and the District of Columbia, over claims that the manufacturer concealed safety defects related to its vehicle air bag system.

The states and D.C., however, have agreed not to accept the money and instead will have the funds placed into an account so that plaintiffs pursuing private claims can receive larger settlements.

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