US Fines Toyota $1.2bn Over Faulty Cars
In a historic deal, the United States Government has reached a deal with Japanese auto maker Toyota which will see the car maker pay a $1.2 billion fine for faulty cars it sold to Americans over the past few years.
The settlement was announced minutes ago by the US Attorney General Eric Holder via a press conference.
Holder said Toyota intentionally concealed information on the defects on some of their models, resulting in the deaths of several Americans.
He described the fine as necessary to serve as a deterrent to the auto maker not to make the mistakes which resulted in several Toyota and Lexus models self-accelerate and kill or injure owners.
Also speaking, US secretary of Transport Anthony Fox described the fine as “a landmark ruling” to protect Americans.