Automaker must pay $32.4M in fines; fed charges still possible
Toyota Motor Corp. and federal regulators agreed to settle two safety investigations for $32.4 million to avoid a lengthy dispute and a possible court fight.
The Japanese automaker agreed to pay the fines by Jan. 19, under the terms of two settlement agreements released Tuesday by the National Highway Traffic Safety Administration.
Toyota’s board of directors, meeting in Japan on Tuesday, agreed to pay the maximum fines in two recall investigations by NHTSA.
The agreements say the fines must be paid by Jan. 19 The agency said it believed Toyota delayed the 2005 recall of 980,000 vehicles for faulty steering rods, and the recall of 5.5 million vehicles in 2009-10 for accelerator pedal entrapment issues.