Toyota Motor Corp. has agreed to pay a $1.2 billion financial penalty to settle a fraud charge related to misleading statements about the safety of its cars to the public and regulators, the U.S. Department of Justice said today.
Attorney General Eric Holder Jr. said at a press conference at Main Justice this morning that Toyota will also submit to a review by an independent monitor as a condition of a deferred-prosecution agreement. The monitor will look at, among other things, how the company reports safety issues.
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