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U.S. and Toyota Reach Settlement Over Safety Problems Disclosure

The U.S. has reached a $1.2 billion settlement with Toyota Motor Corp., concluding a four-year criminal investigation into the Japanese automaker's disclosure of safety problems, according to a person close to the investigation. Attorney General Eric Holder, Transportation Secretary Anthony Foxx and U.S. Attorney for the Southern District of New York, Preet Bharara, were announcing the settlement Wednesday morning, said the official, who spoke on condition of anonymity because the official was not authorized to discuss the settlement on the record before the announcement. TOP 5Most Researched Green Cars On AOL Autos 2013 Honda Fit EV MSRP : $36,625 2014 Chevrolet Spark EV MSRP : $26,685 2012 Mitsubishi i-MiEV MSRP : $29,125 2012 Ford Focus Electric MSRP : $39,200 2012 Toyota Prius Plug-in MSRP : $32,000 In a statement early Wednesday, Toyota said it has "cooperated with the U.S. Attorney's office in this matter for more than four years" and had "made fundamental changes to become a more responsive and customer-focused organization, and we are committed to continued improvements." The criminal investigation focused on whether Toyota was forthright in reporting problems related to unintended acceleration troubles. Starting in 2009, Toyota issued massive recalls, mostly in the U.S., totaling more than 10 million vehicles for various problems including faulty brakes, gas pedals and floor mats. From 2010 through 2012, Toyota Motor Corp. paid fines totaling more than $66 million for delays in reporting unintended acceleration problems. The National Highway Traffic Safety Administration never found defects in electronics or software in Toyota cars, which had been targeted as a possible cause. The settlement continues a string of bad publicity for Toyota, which before the unintended acceleration cases had a bulletproof image of reliability. Since the cases surfaced, the company's brand image has been damaged and it has lost U.S. market share as competition has intensified. Last year, Toyota agreed to pay more than $1 billion to resolve hundreds of lawsuits claiming that owners of its cars suffered economic losses because of the recalls. But that settlement did not include wrongful death and injury lawsuits that have been consolidated in California state and federal courts. In December, Toyota filed court papers after a four-year legal battle saying that it's in settlement talks on nearly 400 U.S. lawsuits, but other cases aren't included in the talks.

Driving the Toyota Supra and Subaru WRX STI S209 | Autoblog Podcast #625

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick and News Editor Joel Stocksdale. First, they talk about the cars they've been driving, including the Toyota Supra, Subaru WRX STI S209, and the Mercedes-Benz CLA and GLB. They also discuss rumors of the Kia Stinger getting killed off. Greg Migliore takes a break to chat with Autoblog contributor Dan Edmunds to talk about the cars he's been testing. Finally, our editors take to the mailbag to help a listener pick a sport truck in the "Spend My Money" segment. Autoblog Podcast #625 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Toyota Supra Subaru WRX STI S209 Mercedes-Benz CLA-Class Mercedes-Benz GLB-Class Kia Stinger death rumor Chat with Dan Edmunds Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Podcasts Kia Mercedes-Benz Subaru Toyota Used Car Buying Truck Coupe Crossover SUV Luxury Performance Sedan

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.