Toyota to pay record $1.2 billion recall fine
- 10 years ago
Toyota is hoping to finally smooth out the speed bump it hit on its way to becoming one of the world's largest auto companies.
A settlement with the U.S. Justice Department ends a criminal probe over the way Toyota handled its biggest recall ever.
The Japanese automaker will fork over $1.2 billion for misleading and concealing information tied to American recalls dating back to 2009 - when vehicles sped up without prompting from drivers.
It comes with a rare admission of guilt, according to U.S. State Attorney General Eric Holder.
SOUNDBITE: U.S. STATE ATTORNEY GENERAL ERIC HOLDER (ENGLISH) SAYING:
"As part of the resolution of this case, Toyota will fully admit wrong doing. It will pay a financial penalty of $1.2 billion dollars, and going forward, the company will submit to rigorous review by an independent monitor that will examine and assess the manner in which Toyota regularly reports safety issues to the public and its regulator. The $1.2 billion do
A settlement with the U.S. Justice Department ends a criminal probe over the way Toyota handled its biggest recall ever.
The Japanese automaker will fork over $1.2 billion for misleading and concealing information tied to American recalls dating back to 2009 - when vehicles sped up without prompting from drivers.
It comes with a rare admission of guilt, according to U.S. State Attorney General Eric Holder.
SOUNDBITE: U.S. STATE ATTORNEY GENERAL ERIC HOLDER (ENGLISH) SAYING:
"As part of the resolution of this case, Toyota will fully admit wrong doing. It will pay a financial penalty of $1.2 billion dollars, and going forward, the company will submit to rigorous review by an independent monitor that will examine and assess the manner in which Toyota regularly reports safety issues to the public and its regulator. The $1.2 billion do