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Breaking news that so far is just on a Wall St Journal registration req'd page.
"Toyota Motor Corp. is close to a deal to pay more than $1 billion to end a U.S. criminal probe of how it disclosed drivers' complaints of unintended acceleration, according to people familiar with the matter.
A settlement could come despite a lack of evidence to date that the cars suffered from a mechanical or electronic defect. The National Highway Traffic Safety Administration never found flaws in the electronic throttle-control or control software of the cars in question and determined operator error or floor mats trapping accelerator pedals were involved in most accidents."
I still don't believe it.
America, protect the stupid.
Yep. all these class action lawyers are accomplishing is to drive up costs for the rest of Americans. There is no free lunch. This is overhead that gets added back into prices over time and/or gets written off taxes reducing government revenue that the rest of us have to make up in our taxes.
WSJ article full link works:
"In taking on Toyota, prosecutors are going after an industry that watchdog groups have long complained is given too free a ride from regulators and from legal scrutiny for safety issues."
"“This is a landmark case because the auto industry has bobbed and weaved and done everything possible to avoid criminal sanctions forever,” said Joan Claybrook, who led NHTSA from 1977 to 1981."
""Prosecutors’ settlement with Toyota is expected to include a criminal deferred prosecution agreement with the car maker, according to several people familiar with the negotiations.
"The precise terms of the agreement that is being considered with Toyota are unclear, but such agreements generally place a company facing prosecution under probation for a set number of years, during which time the company has to fulfill certain compliance obligations to avoid criminal charges."
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Hm, the story also says "Toyota said in November 2013 that it had received two subpoenas each from the Securities and Exchange Commission and Manhattan federal prosecutors in February and June 2010 related to "unintended acceleration and certain financial records...."
That helps further explain why Toyota settled the class action.
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