Takata Agrees To $1B In Penalties

Published on 28 Feb 2017, 3:11
On Monday, Japanese auto parts maker Takata pleaded guilty to fraud. The company agreed to pay $1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths. In pleading guilty, Takata admitted hiding evidence that millions of its air bag inflators can explode with too much force. The explosions launch lethal shrapnel into drivers and passengers. Chief financial officer Yoichiro Nomura spoke on behalf of the Tokyo-based company. He said the conduct was "completely unacceptable.” Penalties in the criminal case include $850 million in restitution to automakers, $125 million for victims, and $25 million for the US government.

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