Toyota reaches $1.2B settlement to end criminal probe

As an investigation into undisclosed safety issues amps up for an American car manufacturer – General Motors Co. (NYSE: GM) – a multiyear criminal investigation comes to a close for a Japanese automaker.

Toyota Motor Corp. (NYSE: TM) reached a $1.2 billion settlement with the U.S. Department of Justice Wednesday, ending a criminal probe into the company's disclosure of safety issues.

The Washington Post reports safety fears erupted around some of the company’s most popular brands in 2009 amid allegations of unintended acceleration, resulting in several deaths. Toyota eventually recalled millions of vehicles – one of the largest consumer recalls in the history of the automotive industry.

The financial penalty is the largest ever imposed on a car company, according to the DOJ.

Read more from the Washington Post.