(Bloomberg) — Toyota Motor Corp. has agreed to pay a $1.2 billion penalty to end a U.S. criminal probe into sudden unintended acceleration that led to the recall of more than 10 million vehicles.
As part of the deal, Toyota will fully admit wrongdoing, pay the penalty and submit to "rigorous" review by an independent monitor, Attorney General Eric Holder said. Toyota also will be charged with wire fraud, with the prosecution deferred for three years as long as the company continues cooperation with authorities.
"Toyota intentionally concealed information and misled the public," Holder said today at a Justice Department news conference. "Toyota confronted a public-safety emergency as if it were a simple public-relations problem."
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