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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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