Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Toyota hit with grand jury subpoena

by Peter Valdes-Dapena, senior writer


NEW YORK (CNNMoney.com) -- Toyota said Monday it has received a federal grand jury subpoena for documents relating to the unintended acceleration of its vehicles and braking systems in the Toyota Prius.

The carmaker also received a request and a subpoena for similar documents from the Los Angeles office of the Securities and Exchange Commission. The subpoenas and request were revealed in an SEC fililng.

Toyota (TM) has recalled more than 8 million vehicles related to possible unintended acceleration. The 2010 Toyota Prius was the subject of a separate recall involving problems with its brakes.

The federal grand jury subpoena was from the Southern District of New York. A spokeswoman for the U.S. Attorney's Office in the Southern District declined to comment on the matter, saying "It is our office's policy to neither confirm nor deny the existence of an investigation."

Toyota intends to cooperate with the investigations, the automaker said in its filing.

Toyota president Akio Toyoda and other company executives are expected to testify in Washington on Wednesday before the House Oversight Committee. The committee is looking into how the automaker and federal auto safety regulators dealt with concerns over unintended acceleration in Toyota vehicles.

Internal documents leading up to the hearing show Toyota executives boasting of the cash saved by negotiating down the severity of the recall related to acceleration.

Separately, the company said late Monday it will offer a brake override feature on more models to "provide an additional measure of confidence" for customers.

The feature automatically reduces engine power when the brake and accelerator panels are applied simultaneously. It will be added to the 2005-10 Tacoma, 2009-10 Venza and 2008-10 Sequoua when modifications are made to fix the sticking accelerators.

Toyota said the brake override feature will be incorporated into most models sold in the United States by the end of this year. To top of page

Find Your Next Car
Index Last Change % Change
Dow 15,867.31 -337.66 -2.08%
Nasdaq 4,246.89 -116.25 -2.66%
S&P 500 1,840.44 -39.61 -2.11%
Treasuries 1.75 -0.10 -5.47%
Data as of 11:56am ET
Company Price Change % Change
Bank of America Corp... 12.26 -0.69 -5.33%
Chesapeake Energy Co... 2.38 -0.68 -22.22%
Facebook Inc 99.50 -4.57 -4.39%
Williams Companies I... 13.05 -4.07 -23.77%
Freeport-McMoRan Inc... 5.62 -0.06 -1.14%
Data as of 11:41am ET
Sponsors

Sections

Moe's Southwest Grill is hoping to sell more burritos while Chipotle tried to recover from an E. coli outbreak that left it reeling. More

Bernie Sanders' economic plan would create nearly 26 million jobs and increase median income by more than $22,000, according to University of Massachusetts Amherst economics professor Gerald Friedman. More

Speaking in Mandarin, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan made a special announcement about their daughter as they wished the world a happy Lunar New Year. More

Nonprofit JumpStart has launched a new $10M fund that will only invest in women and minority-led startups. The catch: You have to move to Ohio. More

Portland, Oregon, is often described as the last affordable cool city on the West Coast. But as more people move to the city, it's becoming increasingly unaffordable. More