Takata weighing $1B criminal settlement

Dec 30, 2016, 00:43
Takata weighing $1B criminal settlement

Takata Corp. shares rose by the daily limit Wednesday after the Wall Street Journal reported the company is nearing a settlement with the U.S. Department of Justice to resolve allegations of criminal wrongdoing related to its faulty air bags.

Whether the settlement agreement would include any kind of compensation for consumers isn't known.

The NHTSA enacted a wide-ranging recall that gave priority to the most at-risk vehicles to receive replacement inflators, some of which were determined to have rupture rates of 50 percent.

The total number of Takata airbag inflators victims in the United States now sits at 11, but with such a massive recall underway consisting of millions of vehicles, any minor bump that leads to the deployment of the airbag can add to that tally.

Honda has added yet another weapon in its battle to find owners of vehicles with a potentially faulty Takata airbag module: independent fix shops.The automaker has teamed up with CCC, one of the. Regulators have ordered recalls scheduled through at least 2019 that could eventually exceed 100 million air bags used by more than a dozen automakers, including Honda, Volkswagen and General Motors.

NHTSA has released a number of statements to the media and to vehicle owners urging owners to have the recall procedure performed, expressing grave concern about owners ignoring the recall notices.

Prosecutors are weighing charging Takata with wire fraud after determining the company likely made misleading statements and concealed information about air bags that can explode and spray shrapnel in vehicle cabins, a safety problem linked to 11 deaths and 184 injuries in the US, the people said. On Dec. 12, the National Highway Traffic Safety Administration (NHTSA) issued what's called the "Amended Coordinated Remedy Order".

The scandal-ridden airbag maker is preparing to file for bankruptcy, Japanese news outlet Nikkei reported last month.

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