Most of the time we stay out of the politics of the auto industry but as a legit auto blog we need to talk about today’s big story. Yes, I’m talking about Toyota Motor Corp’s epic $1.2 billion settlement with the U.S. Department of Justice regarding its four-year criminal investigation focused on whether Toyota was up front in reporting problems related to unintended acceleration troubles.
Under today’s agreement, the company will admit that it misled U.S. consumers by making deceptive statements about two safety issues affecting its vehicles. As a result, Toyota will pay a $1.2-billion financial penalty under a “deferred prosecution agreement.”
Many insiders are saying this deal could serve as a template for how U.S. authorities approach a similar investigation into General Motors Co.