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Toyota Nears $1B Settlement to Federal Acceleration Probe

February 10, 2014

Photo courtesy of Toyota.
Photo courtesy of Toyota.

Toyota Motor Co. is close to negotiating a settlement with the U.S. Justice Department over allegations that four years ago the automaker misled federal investigators during their probe of sudden-acceleration claims, the Detroit News reported on Friday.

Sources told the newspaper the settlement could cost Toyota as much as $1 billion, although a final deal is likely a few weeks away. Because some issues remain unresolved, the possibility of the deal unraveling still exists as well.

The U.S. Attorney's Office in New York is leading negotiations for the Justice Department. Toyota is not expected to plead guilty to any criminal charges as part of the settlement, the newspaper reported.

Read the Detroit News article here.

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