Toyota Motor Corp., the company that has paid the most in fines to the U.S. auto-safety regulator, agreed to pay a $17.4 million civil penalty for delaying reports of a vehicle defect.
The new fine stems from a June recall for Lexus RX 350s and RX 450h vehicles where the accelerator pedal could trap the driver's side floor mat, causing it to stick and accelerate when the driver didn't intend to.
"It's critical to the safety of the driving public that manufacturers report safety defects in a timely manner," U.S. National Highway Traffic Safety Administrator David Strickland said today in an e-mailed statement. "Every moment of delay has the potential to lead to deaths or injuries on our nation's highways."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
