Toyota admits hiding deadly defects, will pay $1.2 billion fine
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Toyota admits hiding deadly defects, will pay $1.2 billion fine
Toyota agreed to pay $1.2 billion to settle an investigation by the U.S. government, admitting that it hid information about defects that caused Toyota and Lexus vehicles to accelerate unexpectedly and resulted in injuries and deaths.
Attorney General Eric Holder said Wednesday that the penalty is the largest of its kind ever imposed on an auto company. The four-year criminal investigation focused on whether Toyota promptly reported the problems related to unintended acceleration.
The company admitted to misleading consumers and regulators by assuring them that it had addressed the problems - which became public in 2009 following a car crash in San Diego that killed a family of four - through a limited safety recall of certain models. Toyota knew at the time that it hadn't recalled other models susceptible to the same acceleration problem and also took steps to conceal a separate acceleration problem related to a faulty pedal, according to the Justice Department.
"In other words, Toyota confronted a public safety emergency as it if were a simple public relations problem," Attorney General Eric Holder said at a news conference.
Toyota said in a statement that in the four years since the recalls it had "made fundamental changes to become a more responsive and customer-focused organization, and we are committed to continued improvements."
http://www.myfoxtwincities.com/story/25014784/toyota-to-pay-12b-to-settle-criminal-probe
I did some research and calculations, and do you know how long it takes Toyota to earn $1.2 billion in profit?
A little over nine hours.
( http://www.toyota-global.com/investors/financial_result/2013/pdf/q4/summary.pdf - I converted 2013 profits from 962B yen to 947B U.S. dollars and divided 365 by that.)
Re: Toyota admits hiding deadly defects, will pay $1.2 billion fine
So they kill and injure people and pay 9 hours' worth in money! What big business gets away with.
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Re: Toyota admits hiding deadly defects, will pay $1.2 billion fine
has this come to the forefront of the US media so as to distract from the GM possible lawsuits ?
gerber- Forum Detective ????♀️
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Re: Toyota admits hiding deadly defects, will pay $1.2 billion fine
gerber wrote:has this come to the forefront of the US media so as to distract from the GM possible lawsuits ?
Actually, I've seen a number of headlines that basically say "you're next, GM." Though it sounds like next in line for a slap on the wrist.
General Motors has come under fire lately for its recall of 1.6 million vehicles because of faulty ignition switches that may have led to the deaths of a dozen people. Facing impending litigation, it is proffering an interesting defense, essentially saying:
"That was the Old GM. We are the New GM. Therefore, we're not responsible. Thanks for buying American."
Notice to the criminal defense bar: Forget alibi, forget self-defense. Simply concede that your client committed the charged offenses. Then, have your client tell the judge he has declared himself not criminally responsible for any behavior prior to today's date.
http://www.cnn.com/2014/03/19/opinion/cevallos-gm-liability/index.html?hpt=ju_c2
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