Toyota goes to court for the first time here on March 24 when a panel will decide whether thousands of angry owners can bring one multi-billion-dollar suit against the Japanese giant.

A group of law firms across 20 states, dubbed the Toyota Action Consortium, is suing to recoup losses in the resale value of Toyota vehicles due to deaths and injuries caused by accelerator pedal malfunctions.

The case could cost Toyota $40 billion or more and does not take into account motorists who have been injured, said Tim Howard, a Northeastern University law professor who is leading the charge.

It is expected to be the largest legal battle of its kind against a single automaker.

"This is the worst malfeasance in the car industry since its inception in the 1890s," Howard said. "This is like Tiger Woods destroying his reputation."

The automaker once enjoyed a stellar reputation as the world's top global auto seller and ranked among Forbes' leading companies. But in recent months, Toyota has had to recall more than eight million vehicles worldwide due to problems with sudden acceleration, which have led to 58 deaths.

"This is a problem everywhere for Toyota," Howard said. "People have lost thousands in value for doing nothing that was their fault."

In addition to a myriad of class action lawsuits over plummeting car values, the attorneys' consortium has added new charges of racketeering under a federal law that was enacted in 1970 to bring down the mafia.

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