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Monday, April 19, 2010
Toyota Set to Pay $16.4 Million Fine "To Avoid Litigation" on Sticky-Pedals
Posted by wedos at 9:56 AM
Today Toyota agreed to pay it's relatively meaninglessly 16.4 million dollar fine regarding its sticky-pedal recall.
Meaningless not only because that the capped fine is less than a drop in the bucket to Toyota (Automotive News reports it will be below 2% of net income for the financial year ending March 31), but also because they're side-stepping all real penalties in relation to the safety debacle they caused.
Without a cap, fines could have been up to $6,000 per vehicle, or $13.8 Billion total.
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