Toyota's Troubles Could Be Accelerating

Toyota said it had agreed to pay about $1.1 billion to settle a class action lawsuit launched by US vehicle owners affected by a series of mass recalls from the Japanese automaker. Toyota did not accept any blame but agreed to compensate owners who argued that the value of about 16.3 million vehicles took a hit from dozens of deadly accidents allegedly caused by Toyota vehicles speeding out of control in 2009.

(NHTSA)

Toyota President Akio Toyoda says he will testify at a congressional hearing next week on the automaker's massive recalls. Toyoda said in a statement he looks "forward to speaking directly with Congress and the American people." The automaker has recalled 8.5 million vehicles globally to address problems with accelerator pedals and brakes.

Japanese automaker Toyota recalled another 2.17 million vehicles Thursday to fix floor mat and carpet defects that could jam the accelerator, the latest in a spate of recalls to hit the firm.Pressed by US authorities, Toyota announced the recall to fix flaws in its Lexus GS, RX and LX models as well as Toyota's sports Highlander, 4Runner and RAV4 sports utility vehicles.Toyota has now recalled more than 12 million vehicles worldwide since late 2009, battering its previously stellar reputation for safety.

Regulators upgrade an inquiry into complaints that loose floor mats in some vehicles may jam accelerator pedals.The nation's top auto safety regulator has escalated and expanded an investigation into complaints of floor mats trapping accelerators in Ford Motor Co.

Japanese automaker Toyota has recalled another 2.3 million vehicles to fix floor mat and carpet defects that could jam the accelerator, the latest in a spate of recalls to hit the firm.Pressed by US authorities, Toyota announced the recall of 2.17 million vehicles in the United States to fix flaws in its Lexus GS, RX and LX models and Toyota's Highlander, 4Runner and RAV4 SUVs.