Toyota Offers Statement on Settlement with 29 US States, 1 US Territory
Toyota Motor (NYSE: TM) North America announced today that it has reached a settlement agreement with the Attorneys General of 29 states and one U.S. territory to resolve issues related to recalls conducted by the company from 2005 to 2010. In response, Christopher P. Reynolds, group vice president and general counsel,
Toyota Motor Sales, U.S.A, and chief legal officer, Toyota Motor North America, said: “Resolving this inquiry is another step we are taking to turn the page on
legacy issues from Toyota's past recalls in a way that benefits our customers. Immediately after this inquiry was launched in 2010, Toyota began cooperating fully with the Attorneys General and implementing ‘customer-first' initiatives to address their concerns and those of our customers. Today, we are pleased to have reached a cooperative agreement that reflects the commitment of Toyota's 37,000 North American team members to put customers first in everything we do.” In the agreement, Toyota has committed to take steps to make vehicle
information more easily accessible to consumers to help them operate their vehicles safely and make more informed choices. Toyota also agreed to continue other customer-focused initiatives, including its rapid-response service teams, its expanded network of product quality field offices across the U.S., and a range of customer care amenities for owners of vehicles subject to certain recalls. As part of this settlement, which the company announced the TMC Board had
approved in December 2012, Toyota will pay $29 million, to be divided among the states and the territory participating in the agreement.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.