Toyota to Pay About $21.9 Million to Black and Asian Borrowers to Settle Discrimination InvestigationSubmitted by Kadir bin Rashid on Wed, 02/03/2016 - 06:55
Federal regulators alleged that Toyota's financial arm discriminated between the white borrowers and the black and Asian borrowers which lead to an investigation. Now, Toyota's financing division, Toyota Motor Credit Corp will pay close to $21.9 million to its black and Asian borrowers who shelled out more for their auto loans compared to the whites.
Akio Toyoda's move in March of promoting three non-Japanese executives at top levels at headquarters of Toyota doesn't seem to be working well. The effort was intended in making the largest automaker of the world, more representative of the worldwide markets which it serves.
The strong sales figures in the United States and taking an advantage from the cheap yen, Toyota reported a record profit of $18.1 the fiscal year till March. As compared to last year, the profit increased by nineteen percent.
This time too Toyota Motor Corp. remained the top most auto selling company and surpassed Volkswagen AG for a third successive year due to its strong number of deliveries of SUV's in the U. S.
It all started four years back with a simple ride of Tesla Motors Chairman Elon Musk's Roadster sports car when his guest Akio Toyoda, the president of the largest auto manufacturer took it out for a drive.
The US Department of Justice (DoJ) has revealed in a recent statement that bigwig automaker Toyota has agreed to pay a whopping $1.2 billion financial penalty to settle the criminal probe into the problem related to the sudden unintended acceleration of some of its vehicles.
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