Late safety recalls cost Toyota record fines

Toyota Motor Corp. agreed Monday to pay $32.4 million in federal fines, settling two federal investigations that found the automaker delayed recalling nearly 6 million vehicles.

Toyota’s board of directors agreed to pay the maximum fine in two separate investigations by the National Highway Traffic Safety Administration.

Toyota will pay $16.4 million after NHTSA said the Japanese automaker delayed its recall of nearly 5 million vehicles for pedal entrapment and will pay $16 million after the agency said it delayed a 2005 recall of 980,000 million 4Runners and pickups for faulty steering rods that could lead to loss of steering control.

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