Toyota to pay $1.2bn to settle US safety probe

The US has reached a $1.2bn (£720m) settlement with Japan’s Toyota after a four-year inquiry into its reporting of safety issues, officials have said.
The criminal investigation was prompted by a series of recalls of Toyota cars in the US since 2009.
More than 10 million vehicles were affected by problems with brakes, accelerator pedals and floor mats.
Attorney General Eric Holder said Toyota had “intentionally concealed information” about the problems.
He told a news conference in Washington: “Rather than promptly disclosing and correcting safety issues about which they were aware, Toyota made misleading public statements to consumers and gave inaccurate facts to members of Congress.

“And they concealed from federal regulators the extent of problems that some consumers encountered with sticking gas pedals and unsecured or incompatible floor mats that could cause these unintended acceleration episodes.”
The deal was announced by Holder, Transportation Secretary Anthony Foxx and the US Attorney for the Southern District of New York, Preet Bharara.
Holder said that Toyota would “fully admit” wrongdoing and described the firm’s behaviour as “shameful”.
“It showed a blatant disregard for systems and laws designed to look after the safety of consumers,” he said.
“By the company’s own admission, it protected its brand ahead of its own customers. This constitutes a clear and reprehensible abuse of the public trust.”
He added: “Other car companies should not repeat Toyota’s mistake: a recall may damage a company’s reputation, but deceiving your customers makes that damage far more lasting.”