Toyota could pay $1 billion to settle concerns after acceleration safety issues
Toyota will reportedly pay out just over $1 billion to settle federal concerns about the company’s response to rapid acceleration problems.
Attorney General Eric Holder could make the announcement as early as today if all details are worked out.
In return for certain commitments by the company, the justice department would defer prosecution.
The justice department and the FBI were investigating whether Toyota initially misled federal safety regulators after the issues were first noticed.
While not confirming any settlement, Toyota issued a statement:
“Toyota has cooperated with the U.S. Attorney’s office in this matter for more than four years. During that time, we have made fundamental changes to become a more responsive and customer-focused organization, and we are committed to continued improvements.”