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U.S. Announces $1.2 Billion Dollar Toyota Settlement

U.S. Announces $1.2 Billion Dollar Toyota Settlement
Posted Wednesday, March 19th 2014 @ 9am

A criminal charge was also filed alleging the Japanese automaker defrauded consumers by issuing misleading statements about safety issues in Toyota and Lexus vehicles.

Under the agreement, announced Wednesday by U.S. Attorney General Eric Holder, the company will admit that it misled U.S. consumers by making deceptive statements about two safety issues affecting its vehicles. As a result, Toyota will pay a $1.2 billion financial penalty under a "deferred prosecution agreement."
It is the largest penalty of its kind imposed on an automotive company by the U.S., Holder said.

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