U.S., Toyota To Settle For $1B
WASHINGTON (AP) -- The U.S. has reached a $1.2 billion settlement with Toyota Motor Corp., concluding a four-year criminal investigation into the Japanese automaker's disclosure of safety problems, according to a person close to the investigation.
Attorney General Eric Holder, Transportation Secretary Anthony Foxx and U.S. Attorney for the Southern District of New York Preet Bharara were expected to announce the settlement Wednesday morning, said the official, who spoke of condition of anonymity because the official was not authorized to discuss the settlement on the record before its announcement.
Toyota declined comment Wednesday on a Wall Street Journal report of the settlement.
The four-year criminal investigation focused on whether Toyota was forthright in reporting problems related to unintended acceleration troubles.
Starting in 2009, Toyota issued massive recalls, mostly in the U.S., totaling more than 10 million vehicles for various problems including faulty brakes, gas pedals and floor mats. From 2010 through 2012, Toyota Motor Corp. paid fines totaling more than $66 million for delays in reporting unintended acceleration problems.
The National Highway Traffic Safety Administration never found defects in electronics or software in Toyota cars, which had been targeted as a possible cause by many, including some experts.