Takata to pay $1 billion in US faulty airbag settlement

NEW YORK: Japan’s Takata Corp is expected to agree to plead guilty to charges as part of a $1-billion settlement with the US Justice Department to resolve a government investigation into deadly air bag ruptures, sources said.
The settlement includes a $25-million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls, the sources said, as well as an independent monitor of the Japanese auto parts manufacturer. The company is poised to plead guilty to wire fraud charges, or providing false test data to US regulators. In 2015, Takata admitted in a separate $70 million settlement with US auto safety regulators that it was aware of the inflator defect. It admitted it provided the regulator, National Highway Traffic Safety Administration (NHTSA), with “selective, incomplete or inaccurate data” dating back at least six years and also provided automakers with selective, incomplete or inaccurate data. — Reuters