Judge Approves $1B Toyota Pact, Says 'Fraud Can Kill'

Law360, New York (March 20, 2014, 2:55 PM EDT) -- A New York federal judge on Thursday accepted Toyota Motor Corp.'s $1.2 billion deferred prosecution agreement with the U.S. Department of Justice over claims that it hid defects that caused vehicles to accelerate suddenly, saying the case "demonstrates that corporate fraud can kill."

Toyota general counsel Christopher Reynolds entered a plea of not guilty to one count of wire fraud at a hearing before U.S. District Judge William H. Pauley III. Under the deal, announced Wednesday, Toyota admitted to making misleading statements about the safety issues, and prosecutors agreed to drop the fraud charge after three years if Toyota complies with...

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