Japanese airbag maker Takata Corp. pleaded guilty in a U.S. federal court as part of a $1 billion settlement with the Justice Department over its defective and dangerous airbags. U.S. District Judge George Caram Steeh accepted the plea, which resolves the department’s investigation into the devices linked to 17 deaths worldwide. This development clears a path for the company’s sale as it manages the largest product recall in history, with Michigan-based Key Safety Systems Inc. emerging as the preferred buyer. The settlement requires Takata to pay a $25 million fine and $125 million to victims, with an additional $850 million due to automakers after the company’s sale. Additionally, three former Takata executives have been charged for their roles in concealing the risks associated with the airbags.
Read the full article: Bloomberg
Originally published by Margaret Cronin Fisk, Steven Raphael & Kevin Buckland | Feb 27, 2017 | Bloomberg
