Japanese automaker Toyota Corp. has been ordered to pay a $1.2 billion fine for knowingly concealing information about sudden acceleration problems in many of its vehicles. U.S. Attorney Gen. Eric Holder issued a statement that said "Toyota intentionally concealed information" and misled the public about the danger that some Toyota and Lexus models might suddenly accelerate and cause drivers to lose control of their vehicle. Saying that the automaker had deliberately avoided taking responsibility after customers began complaining about the problems in 2009, Holder went on to say that the fine is "the largest criminal penalty imposed on a car company in the history of the United States," and that the record fine is merited by "shameful" conduct on the company’s part.
Today’s Toyota executives come bearing gifts to the American public. Amid a mammoth recall of several million late model Toyotas and increased scrutiny of the company’s track record on addressing safety issues, Toyota top brass are trying to revive trust and interest in their brand with new financial incentives for customers. Read the rest »
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