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Toyota Settlement

 
Toyota Settlement

The Toyota Motor Company and the Justice Department have agreed to a $1.2 billion settlement.

In 2009 an off-duty California Highway Patrol officer and his family were killed in a crash believed to have been caused by the gas pedal getting stuck under the cars floor mat. The officer desperately called 911 prior to the crash, and during the call you can hear him pleading for advice on how to get the car to stop. The car hit speeds up to 120mph before flying off the road and bursting into flames.

The settlement has the possibility of allowing Toyota to avoid criminal charges, 25.5 million to settle a claim that Toyota failed to report safety issues to stockholders. The company also owes another 65 million in fines for violating federal vehicle and safety laws.

Kelley Blue Book senior analyst, Karl Brauer states “The timing of the settlement is interesting because it means the government will be finalizing the last major auto recall…just as it gears up for the next big recall, related to GM’s ignition switch.”

Toyota will also be appointed an independent monitor to make sure Toyota complies with the agreement.

Source: U.S.A Today 

 

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