Davidlaw.com Toyota pays $1.2 billion fine for concealing auto defects…

25 Май 2015 | Author: | No comments yet »
Toyota Fine-S

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Concealing Defects Results in $1.2 Fine for Toyota

Just as the that General Motors executives knew about a defect for years without it, the previous scandal to rock the world has just concluded. In an settlement with the U.S. of Justice, Toyota, the largest manufacturer in the world, admitted the company misled the public and the about defective accelerators have been linked to fatalities.

As a condition of the settlement, Toyota has to pay a fine in the amount of $1.2 which is the largest penalty to be issued against an auto Concerning the penalty, assistant of the FBI, George Venizelos, “The disregard Toyota had for the of the public was outrageous. Not only did fail to recall cars problem parts, they to manufacture new cars with the parts they knew deadly.”

The extraordinary fine against Toyota is part of an by the Justice Department to crack on automakers with criminal rather than simply penalties. The fine that from this criminal is 35 times higher than the penalties that could been imposed by the National Traffic Safety Association

In addition to agreeing to pay the fine, will also be barred treating the settlement as a tax-deductible This is expected to save taxpayers about $420 All of the proceeds from the fine be funneled into a special fund established by the Justice This fund will be used to compensate the victims and of victims hurt or … of Toyota’s actions.

Toyota Fine-S

The criminal fine imposed on for its accelerator defect brings the amount the company has paid in costs, settlements and lost to $5 billion. However, the company is expecting to announce a profit of $19 for the fiscal year ending on 31.

The specific penalty for which was charged was wire fraud. the charge will be dismissed in years should the company by all the terms of the settlement. Chief officer for Toyota North Christopher P. Reynolds, said, this agreement, while is a major step toward this unfortunate chapter us. In the more than four since these recalls, we gone back to basics at to put our customers first. “

Documentation proves that officials at Toyota knew the gas pedals on its vehicles could stuck and cause sudden, acceleration since 2007. the company subsequently executed has been called a “campaign of to fool the public and the NHTSA. of recalling the defective vehicles and the accelerators, the company blamed the on floor mats, which much cheaper to recall and


Executives at GM have been the Toyota case very The company has recently admitted officials knew about ignition systems without a recall or redesign. The faulty have been linked to 12

Toyota Fine-S

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