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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Find Your Next Car
Index Last Change % Change
Dow 17,279.74 13.75 0.08%
Nasdaq 4,579.79 -13.64 -0.30%
S&P 500 2,010.40 -0.96 -0.05%
Treasuries 2.59 -0.04 -1.60%
Data as of 4:48pm ET
Company Price Change % Change
Yahoo! Inc 40.93 -1.16 -2.74%
Microsoft Corp 47.52 0.84 1.80%
Bank of America Corp... 16.95 -0.09 -0.53%
Oracle Corp 39.80 -1.75 -4.21%
Facebook Inc 77.81 0.81 1.05%
Data as of 4:04pm ET

Sections

Law enforcement officials say Frank Tamayo was the middleman in a $5.6 million insider trading scheme that involved him eating pieces of paper to cover up the crime. More

Scotland's clear rejection of independence has eased fears that it could suffer the kind of decline seen in Quebec after it failed to break away from Canada. More

It's really good to be Larry Ellison. The Oracle founder is stepping down as CEO, so maybe he'll have more time to enjoy his glamorous life. More

As Occupy Wall Street goes on its debt-abolishing tear, thousands of people across the country are begging them to forgive their loans. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.