WASHINGTON — The government announced a $1.2 billion settlement with Toyota Motor Corp. on Wednesday and filed a criminal charge alleging the company defrauded consumers by issuing misleading statements about safety issues in Toyota and Lexus vehicles.
Attorney General Eric Holder said it is the largest financial penalty of its kind ever imposed on an auto company. Under a deferred prosecution agreement, an independent monitor will review policies, practices and procedures at the company.
The action concludes a four-year criminal investigation into the Japanese automaker's disclosure of safety problems, which focused on whether Toyota was forthright in reporting problems related to unintended acceleration troubles.
Read tomorrow's Arkansas Democrat-Gazette for full details.