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Reports: Toyota set to pay $1B+ to settle acceleration probe

Toyota (TM) has reportedly agreed to pay over $1B to settle a criminal probe over accusations that it misled authorities about the unintended acceleration in its cars in the late 2000s, which have been linked to five deaths and led to a massive recall.

The fine would be part of a deal with the Department of Justice and would be one of the largest ever penalties imposed on a car-maker.

The settlement will also probably include a deferred prosecution agreement that would enable the company to avoid criminal charges as long as it meets certain conditions. Toyota may also have to agree to an external monitor.

GM will presumably be watching with interest.

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