Toyota Motor Corporation (NYSE: TM ) has agreed to a $29 million settlement to resolve recall-related issues that occurred between 2005 and 2010, the company announced today.
Those issues involved allegations that Toyota was not forthcoming about safety defects in its vehicles, including problems with unintended acceleration.
That money will be divided among the 29 states and one U.S. territory that are participating in the agreement. Maryland is one of those states, and Maryland Attorney General Douglas F. Gansler released this statement:
Drivers shouldn't be putting their safety and wellbeing at risk because of miscommunication over faulty equipment. This settlement will help ensure that consumers are not in danger when they get behind the wheel.
Toyota said it would make safety-related vehicle information more easily accessible to 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," said Christopher P. Reynolds, the chief legal officer for Toyota Motor North America, in Toyota's announcement.