Excerpt
GWEN IFILL (NewsHour): Four years after launching a criminal investigation of Toyota, the government wrapped up its case today by announcing a major settlement, in which the company admitted criminal wrongdoing for concealing safety concerns.
ERIC HOLDER, Attorney General: Today, we can say for certain that Toyota intentionally concealed information and misled the public about the safety issues behind these recalls.
GWEN IFILL: In a toughly worded statement, Attorney General Eric Holder announced the record $1.2 billion settlement this morning. Toyota, the federal investigators said, purposely concealed what it knew about the full scope of unintended acceleration issues, linking them to faulty brakes, sticking gas pedals and tangled floor mats.
ERIC HOLDER: Toyota confronted a public safety emergency as if it were simply a public relations problem. Put simply, Toyota’s conduct was shameful. It showed a blatant disregard for systems and laws designed to look after the safety of consumers. By the company’s own admissions, it protected its brand ahead of its own customers.
GWEN IFILL: Recalls began in 2009, and ultimately spread to more than 10 million Toyota vehicles. Company sales plunged, but have since rebounded.
In a news release today, Toyota USA’s chief legal officer, Christopher Reynolds, insisted the auto giant has become more responsive since 2009.
He said, “This agreement, while difficult, is a major step toward putting this unfortunate chapter behind us.”
But Holder said the case also serves as a warning to others in the auto industry.
ERIC HOLDER: Other car companies shouldn’t repeat Toyota’s mistake. A recall may damage a company’s reputation, but deceiving your customers makes that damage far more lasting.
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