The Truth About Cars » Litigation and Regulations http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 07 Dec 2014 13:37:29 +0000 en-US hourly 1 http://wordpress.org/?v=4.0.1 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » Litigation and Regulations http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Toyota Reportedly Near $1B Settlement of Unintended Acceleration Criminal Probe http://www.thetruthaboutcars.com/2014/02/toyota-reportedly-near-1b-settlement-of-unintended-acceleration-criminal-probe/ http://www.thetruthaboutcars.com/2014/02/toyota-reportedly-near-1b-settlement-of-unintended-acceleration-criminal-probe/#comments Mon, 10 Feb 2014 12:00:43 +0000 http://www.thetruthaboutcars.com/?p=737265 Reuters and The Wall Street Journal reported on Friday that Toyota Motor Corp. and the United States Department of Justice are close to a deal that would resolve a criminal investigation into how it disclosed to government regulators customers’ complaints about unintended acceleration. The Journal is reporting that the settlement would involve Toyota paying as […]

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Reuters and The Wall Street Journal reported on Friday that Toyota Motor Corp. and the United States Department of Justice are close to a deal that would resolve a criminal investigation into how it disclosed to government regulators customers’ complaints about unintended acceleration. The Journal is reporting that the settlement would involve Toyota paying as much as $1 billion in fines, ending a four year investigation.┬áSources say that the deal could still fall apart, or the amount of money involved could change.

A Toyota spokesperson said in an emailed statement, “Toyota continues to cooperate with the U.S. attorney’s office in this matter. And in the nearly four years since this inquiry began, we’ve made fundamental changes to become more responsive and customer focused, and we’re committed to continue to improve.”

The investigation, launched by the Manhattan U.S. Attorney’s Office, is looking into whether Toyota made false or incomplete disclosures to U.S. regulators about possible car defects. Prosecutors are also looking into possible mail fraud and wire fraud in connection to those disclosures.

The criminal case only adds to what has been a deeply embarrassing incident for Toyota, which formerly had a sterling reputation for reliability with consumers. The company recently settled an economic loss class action suit brought by customers who claimed their cars’ residual values had been harmed by the massive recall Toyota initiated in 2009 in response to the unintended acceleration issue. Toyota still faces hundreds of lawsuits over the matter, including wrongful death suits.

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DOT Sec’y Moniz: Revived ATVM Loan Program May Be Expanded to Suppliers http://www.thetruthaboutcars.com/2014/01/dot-secy-moniz-revived-atvm-loan-program-may-be-expanded-to-suppliers/ http://www.thetruthaboutcars.com/2014/01/dot-secy-moniz-revived-atvm-loan-program-may-be-expanded-to-suppliers/#comments Thu, 23 Jan 2014 11:23:52 +0000 http://www.thetruthaboutcars.com/?p=705882 Speaking at the Washington (D.C.) Auto Show, U.S. Energy Secretary Ernest Moniz said on Wednesday that part of reviving the dormant Advanced Technology Vehicle Manufacturing loan program may involve making suppliers as well as automakers eligible for the more than $15 billion allocated for the ATVM program that was never loaned out. The program stalled […]

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Speaking at the Washington (D.C.) Auto Show, U.S. Energy Secretary Ernest Moniz said on Wednesday that part of reviving the dormant Advanced Technology Vehicle Manufacturing loan program may involve making suppliers as well as automakers eligible for the more than $15 billion allocated for the ATVM program that was never loaned out. The program stalled 2011 after the high profile failures of two loan recipients, Fisker Automotive and Vehicle Production Group. Of the other three recipients of ATVM loans, Tesla repaid its loan early and Ford and Nissan continue to pay down their debts on schedule.

“We are looking at what those options might be including the potential of looking at the supply chain with a loan program,” Moniz said . “Looking at the supply chain may be an important focus for a new program.”

When asked for a timetable for when the program would be revived and expanded, Moniz declined to be specific saying, “hopefully it’ll be soon”.

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