Toyota near $1 billion payout | SouthCoastToday.com

10 Июн 2015 | Author: | No comments yet »

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Here’s how Motor Corp. plans to put the sudden-acceleration issue to rest: out the checkbook.

The automaker is reportedly to paying a $1 billion fine to a four-year federal criminal into whether it properly safety complaints to regulators. Toyota’s lawyers are in settlement over hundreds of civil alleging wrongful deaths or potentially adding hundreds of to the tab.

Previously, Toyota to pay $1.6 billion to settle a case brought by thousands of owners who contended that problems damaged the value of vehicles.

The automaker has repeatedly any serious safety defect caused its cars to take off at speeds, causing wrecks … or injured occupants. appeared ready for a protracted battle to fight hundreds of claims to the contrary.

Now, appears ready to pay what it to move the story off front and newscasts.

Toyota is trying to put this episode behind it, said Goldberg, a Harvard Law School and product liability expert.

and shareholders generally react to closure, even when comes at a price, Goldberg

Given that the allegations of at some injury victims credible, and given the attention of regulators, Toyota wasn’t to be able to resolve things negotiating substantial settlements, said.

The potential for a $1 billion of the criminal investigation was first by The Wall Street Journal. unnamed sources, the newspaper that an agreement with the attorney’s office in New York come within weeks. But the is not done and could change, to the Journal.


Toyota confirmed the issuing a statement that it to cooperate with the U.S. office in this matter. In the four years since inquiry began, we have fundamental changes to become a responsive and customer-focused organization, and we are to continued improvements.

It is a strategy successfully pursued by big companies. Merck’s reputation, for has recovered from its 2007 settlement over problems the painkiller Vioxx, Goldberg

Moreover, Toyota has the money to

Earlier this month, the car company said it was on track to a record profit of 1.9 trillion or about $18.8 billion, for the year ending March 31. more than the combined earnings of General Motors Co. Motor Co. and Chrysler Group.

safety advocates welcomed of a potentially huge fine in the probe.

It is enough to make Toyota flinch, said Ditlow, executive director of the for Auto Safety.

Even today, no one knows Toyota withheld from the Highway Traffic Safety that could have beyond a reasonable doubt sudden acceleration is due to vehicle not driver error, Ditlow Only billion-dollar fines and prosecutions can stop auto cover-ups of deadly vehicle

Ditlow said the threat of penalties gave the U.S. more leverage than — the agency that regulates safety — to make Toyota pay a large fine.

Toyota has sudden-acceleration complaints since after a California Highway officer and his family were when a Lexus ES crashed San Diego. That crash is to have been caused by a mat jamming the gas pedal in the open But investigators said the car was too badly to be sure.

Toyota Fine-S

In the months after wreck, Toyota recalled of vehicles, and its top executives came Japan to testify before committees investigating the problem.

The Japanese automaker has repeatedly that its vehicles have an flaw that might them to accelerate unexpectedly. has blamed such incidents on possible causes: drivers the gas pedal for the brake; gas pedals stuck under floor or sticky gas pedals that throttle back quickly as pressure eases.

A 10-month conducted primarily by NASA found no evidence that defects or software code could have caused the of sudden-acceleration incidents reported the last decade. That blamed the incidents on the same issues identified by Toyota.

year, however, an Oklahoma jury found that electronic systems caused a sedan to suddenly accelerate and killing one woman and injuring

The jury ordered Toyota to pay million in compensatory damages to the of the vehicle, Jean Bookout, and an $1.5 million to the family of Schwarz, who was … in the crash. The agreed with the plaintiffs defective software in the 2005 electronic throttle system the accident in September 2007.

Toyota has settled a number of lawsuits out of court, including a $10 deal reached in 2010 the heirs of the CHP officer … in the crash.

Toyota also $25.5 million to settle claims that the company’s price was damaged by a failure to safety issues. It paid than $65 million in fines for of federal vehicle safety

Toyota’s new appeasement strategy backfire, however. A $1 billion and a settlement with the Department of could make it harder — and expensive — for Toyota to negotiate in civil lawsuits over acceleration, said Carl a law professor and product liability at the University of Richmond in Virginia.

It also gives more to any plaintiffs who choose to reject offers and go to trial, Tobias

Toyota will have to pay more to extricate itself the sudden-acceleration problems if it is to have any of putting the issues behind it, he

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Toyota Fine-S
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