Toyota Reaches $1.2B DOJ Settlement Over Sudden Acceleration Issues |…

12 Янв 2015 | Author: | No comments yet »
Toyota Fine-S

Toyota Reaches $1.2B DOJ Over Sudden Acceleration

Reuters

Toyota (TM ) on Wednesday a $1.2 billion settlement the U.S. Department of Justice, a criminal investigation into that caused inadvertent of certain vehicles.

The Japanese came under fire for its to claims that certain were suddenly accelerating. first recall came in 2009, when the Japanese said 3.8 million Toyota and cars had floor mats could cause accelerator to jam.

Additional recalls issued to fix “sticking” gas pedals. By the end of the company recalled more 10 million vehicles, and the National Traffic Safety Administration five deaths were to the defects.

The DOJ had been investigating Toyota’s of those safety problems for years. The FBI’s New York office led the probe, which was in February of 2010 and involved than 70 interviews by the agency, to a source familiar with the

Under the settlement, Toyota that it misled consumers by deceptive statements regarding the two that caused sudden according to the DOJ.

During a conference, Attorney General Holder said Toyota a public safety emergency as a relations issue, calling the conduct “shameful.”

The deal, which marks the penalty ever imposed by the on a car manufacturer, also includes monitoring of Toyota’s safety and deferred prosecution for three on a wire fraud charge.

this agreement, while is a major step toward this unfortunate chapter us,” said Christopher P. Toyota North America’s legal officer.

Reynolds that Toyota has already changes to “become a more company,” such as enhancing control and creating rapid-response to quickly investigate customer

“At the time of these recalls, we full responsibility for any concerns our may have caused customers, and we ourselves to earning their Reynolds said. “In the more four years since recalls, we have gone to basics at Toyota to put our customers

The agreement follows extensive and litigation costs for Toyota, the largest automaker. NHTSA the company four separate for a combined total of $66.2 saying Toyota failed to disclose defects.

Toyota was met with lawsuits from car claiming the vehicles were and lost their value. The has fought those allegations, that misplaced floor were the cause of the issue. settled those suits, were seeking about billion in damages.

Toyota Fine-S

Reynolds said Toyota to stand behind the safety and of the affected vehicles. The company the sticky pedals and troublesome mats “with effective and solutions,” he added.

Toyota to take a $1.2 billion charge in the fiscal year March 31 to cover the cost of agreement.

U.S. shares of fell 90 cents, or 0.8%, to in recent trading.

Earlier this week, General Motors (GM ) said it record $300 million in related to an ignition-switch recall and separate issues.

The top U.S. has drawn the ire of Congress and the DOJ, of which are investigating the timing of a that includes 1.37 domestic vehicles with ignition switches.

Holder the Toyota settlement will as a “model” for how the DOJ treats similar involving other automakers.

FOX reporters Rich Edson and Samson contributed to this

Follow Matthew Rocco on @MatthewRocco


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