Toyota knew it had a problem but waited, says the US government. Product safety laws require manufacturers to notify the
National Highway Traffic Safety Administration within five days of discovery of a product safety problem.
Toyota discovered its floor-pedal accelerator problem, but waited on going public. The US government fined Toyota $16.4 Million for its delay. But the fine is just the tip of the iceberg. Personal injury lawsuits will likely cost Toyota another $4 Billion.
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