This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Toyota to Agree to $16.4 Million Fine

WASHINGTON (AP) -- Toyota is expected to agree on Monday to pay a fine of more than $16 million for a four-month delay in telling the government about defective gas pedals on its vehicles, the largest civil penalty imposed on an automaker by the government, a Transportation Department official said Sunday.

Toyota faced a deadline to accept or contest the $16.4 million fine over evidence it knew about sticking gas pedals in September but did not issue a recall until January. The Transportation official, who was not authorized to speak publicly, said on condition of anonymity that Toyota was expected to agree to the full fine as a means of avoiding going to court against the government.

The official said Toyota did not intend to accept liability explicitly. But from the government's viewpoint, the official said, the agreement to pay the full fine constitutes an acceptance of responsibility for hiding the safety defect in violation of the law.

Toyota did not immediately comment.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
AAPL $125.01 0.00%
FB $78.10 0.00%
GOOG $524.22 0.00%
TSLA $230.43 0.00%
YHOO $41.66 0.00%

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs