Toyota to pay record safety fine

Investor's Business Daily

The top Japanese automaker agreed to pay a record $17.4 mil to U.S. highway safety regulators after the June recall of about 154,000 Lexus SUVs because the gas pedal could get caught on floor mats, causing unwanted acceleration. The NHTSA said Toyota Motor (TM) failed to quickly report problems and delayed a safety recall. The automaker did not admit to the claims. Shares rose 3.1%.

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