Print Story: Toyota to pay $32.4M in extra fines - Yahoo! News
Toyota to pay $32.4M in extra fines
1 hr 13 mins ago
WASHINGTON – Toyota Motor Corp. has agreed to pay the government a record $32.4 million in additional fines to settle an investigation into its handling of two recalls at the heart of its safety crisis.
The Transportation Department said late Monday the civil penalties will settle investigations into how Toyota dealt with recalls over accelerator pedals that could get trapped in floor mats, and steering relay rods that could break and lead to drivers losing control.
The latest settlement, on top of a $16.4 million fine Toyota paid earlier in a related investigation, brings the total penalties levied on the company to $48.8 million. It caps a difficult year for the world's No. 1 automaker, which recalled more than 11 million vehicles globally since the fall of 2009 as it scrambled to protect its reputation for safety and reliability.
Toyota's board of directors agreed to pay the fines on Tuesday at the company's board meeting in Japan, according to an official familiar with the case, and the company said it agreed to the penalties without admitting to any violations of U.S. laws. However, that does not free Toyota from potential civil and criminal penalties in private lawsuits and other federal investigations.
The person had spoken earlier Monday on condition of anonymity ahead of the formal announcement.