Today, Toyota agreed to pay the maximum fine of $16.4M for failing to properly notify U.S. regulators about defects in its vehicles' acceleration control systems. This is the largest penalty an automobile manufacturer has ever paid to the U.S. government.
However, compared to Toyota's cash assets of $23.6 billion as of December 31, 2009, this penalty is just a drop in the bucket.
Moreover, the payment of this fine does nothing to eliminate the civil lawsuits pending against Toyota around the country.
As a
Board Certified Houston, Texas-based Toyota Recall Attorney, I have asked myself: How will Toyota's payment of this fine impact these lawsuits?
It won't help Toyota, that's for sure. The payment of this fine is effectively an "admission" by Toyota that it delayed reporting a serious safety hazard in its cars. The admission in paying this fine, stacked on top of the fact that Toyota did issue a recall on these vehicles (which is another admission), amounts to powerful evidence that will help attorneys establish negligence against Toyota in civil litigation.
For more information on the Toyota Recall Litigation, visit our
Toyota Recall page.
If you have any questions concerning a Toyota Recall, please
contact us.
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."
