Toyota to pay $1.2B to settle criminal probe | The Portland Press Herald…

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

Toyota to pay $1.2B to settle probe

The action concludes a criminal investigation into Toyota was forthright in reporting related to unintended acceleration caused deaths.

By Eric And Tom Krisher

The Associated Press

Toyota agreed to pay $1.2 to settle an investigation by the U.S. admitting that it hid information defects that caused and Lexus vehicles to accelerate and resulted in injuries and deaths.

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A Toyota is shown after it crashed as it Interstate 80 in Wendover, Utah, in Nov. 5, 2010, photo by the Utah Highway Patrol. suspected problems with the accelerator or floor mat caused the that left two people and two others injured.

The Associated

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Attorney General Eric said Wednesday that the is the largest of its kind ever on an auto company. The four-year investigation focused on whether promptly reported the problems to unintended acceleration.

The company admitted to misleading and regulators by assuring them it had adequately addressed an acceleration stemming from ill-fitting mats which attracted publicity in 2009 following a car in San Diego that killed a of four through a limited recall of certain models.

knew at the time that it had not other models susceptible to the problem and also took to conceal from regulators a acceleration problem related to a pedal, according to the Justice

“In other words, confronted a public safety as it if were a simple public problem,” Holder said at a conference.

According to a statement of filed in the case, an exasperated employee was said to have at one point, “Idiots! Someone go to jail if lies are repeatedly I can’t support this.”

Toyota said in a statement in the four years since the it had “made fundamental changes to a more responsive and customer-focused and we are committed to continued improvements.”

The finances have recovered the recalls, as well as the recession and the tsunami in Japan. But its once-sterling for quality and reliability has been and its market share is still where it was in 2009.

Prosecutors a criminal charge Wednesday the company defrauded consumers by misleading statements. They they’ll move to dismiss the in three years if Toyota with the terms of the settlement. An monitor will review practices and procedures at the company.

No executives were charged the deal. U.S. Attorney Bharara of the Southern District of New whose office brought the said he expected the agreement to be a resolution.”

Starting in 2009, issued massive recalls, in the U.S. totaling more 10 million vehicles for various including faulty brakes, gas pedals and ill-fitting floor From 2010 through Toyota paid fines more than $66 million for in reporting safety problems. agreed last year to pay than $1 billion to owners of its who claimed to have suffered losses because of the recalls.

The company still faces death and injury lawsuits have been consolidated in state and federal courts. In Toyota filed court after saying that in settlement talks on nearly 400 lawsuits, but some other aren’t included in the talks.

The began less than two after an Oklahoma jury $3 million in damages to the injured of a 2005 Camry and to the family of a who was killed.

The ruling was significant Toyota had won all previous unintended cases that went to It was also the first case attorneys for plaintiffs argued the car’s electronics in this the software connected to a midsize electronic throttle-control system the cause of the unintended acceleration.

At the legal experts said the verdict might cause to consider a broad settlement of the cases.

Toyota has blamed drivers, accelerators or floor mats trapped the gas pedal for the acceleration that led to the big recalls of Camrys and vehicles. The company has repeatedly the electronics are flawed.

No recalls been issued related to with onboard electronics. In the case, Toyota attorneys that the driver mistakenly the gas pedal instead of the brake her Camry ran through an intersection and into an embankment.

But after the jurors told AP they the testimony of an expert who said he flaws in the car’s electronics.

significant, the latest penalty a severe hit to Toyota’s finances. In its fiscal quarter alone, posted a $5.2 billion crediting strong global

Toyota’s U.S. market however, has fallen more 4 percentage points since acceleration came to the forefront in of 2009, when a California Patrol officer and three were killed in a fiery

At the time, Toyota controlled percent of the U.S. market. Gas were high, favoring fuel-efficient small cars and Detroit automakers were in financial trouble and had few fuel-efficient for sale.

By last month, Toyota’s share totaled 13.3 percent, according to Corp. Citi research Itay Michaeli estimated week that the recalls cost Toyota more 1 percentage point of market And the Detroit and South Korean now sell more competitive and midsize cars.

The Toyota could foreshadow what’s in for General Motors. The same attorney’s office is investigating the auto giant for its slow to a faulty ignition switch in older compact cars has been linked to at least 31 and 12 deaths. NHTSA also is whether GM withheld information the problem and could fine the $35 million.

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