Toyota fined $17.35 mn for delay in announcing recall
Reuters: New York, Dec 19 2012, 01:32 IST
Toyota Motor Corp has agreed to a record fine of $17.35 million for failing to report a safety defect to the US government in a timely manner. Toyota announced a recall of 1,54,036 2010 Lexus RX 350 and RX 450h vehicles in June.
“We agreed to this settlement in order to avoid a time-consuming dispute and to focus fully on our shared commitment with NHTSA to keep drivers safe,” Ray Tanguay, chief quality officer of Toyota North America, said .
Federal law requires automakers to notify the safety agency within five business days of determining safety defect. Toyota notified a month after it acknowledged the defects.
Previous Story Bond yields steady as absence of CRR cut increases OMO bets Next Story Rupee erases initial gains, ends flat at 54.85
Reader's Comments| Post a Comment
Be the first to comment.
