Toyota agrees to record fine

UPDATED 9: 13 A.M. WASHINGTON — The government said today that Japanese carmaker Toyota Motor Corp. has agreed to pay a record $16.4 million fine for failing to properly notify federal authorities about a dangerous pedal defect.
The fine is the largest-ever penalty paid by an automaker to the U.S. government. Transportation Secretary Ray LaHood said by failing to report safety problems, Toyota put consumers at risk.
The penalty is connected to a January recall of 2.3 million vehicles with sticking accelerator pedals. The government says Toyota knew about the problem in late September 2009 and failed to report the defect within five business days, as required by law. http://bit.ly/b9vc8I