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Toyota Doesn't Admit Wrongdoing but Pays its Record Fine

Toyota today paid a record $16.4 million fine for a slow response to its accelerator pedal recall. The company agreed to the fine last month....the maximum allowed under law. The government accused the company of hiding earlier defects involving gas pedals, a claim Toyota rejected even though it agreed to pay the fine. Toyota said it agreed to pay up just to avoid a lengthy legal battle.