Toyota to Pay $32.4 Million in Fines

Published by: Mike Goldman on 21st Dec 2010 | View all blogs by Mike Goldman
Toyota-Logo.jpg
Toyota to Pay $32.4 Million in Fines

Toyota Motor Corp. has agreed to pay an additional $32.4 million in fines to settle an investigation into its handling of two recalls.  The penalties cap off an investigation into how the world's largest automaker handled recalls concerning accelerator pedals that could get trapped in floor mats and steering delay rods that could malfunction leading to a loss of driver control.

Combined with an earlier fine of $16.4 million shelled out by Toyota, the company has now paid $48.8 million in fines over safety issues.  The settlement is just one more glitch for the carmaker, which has recalled more than 11 million cars worldwide since Fall 2009 in an effort to regain its reputation for safety and reliability.

The company's board of directors agreed to pat the fines at a board meeting held in Japan on Tuesday, but did not admit to violating any US laws.  The agreement does not protect the company from potential civil or criminal penalties from private lawsuits or federal investigations.

Toyota 's chief quality officer for the North American region, Steve St. Angelo issued a statement saying that the company has "worked very hard over the past year to put these issues behind us and set a new standard of responsiveness to our customers. These agreements are an opportunity to turn the page to an even more constructive relationship with NHTSA (National Highway Traffic Safety Administration)."

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