It's Grand Jury & SEC Subpeoena Time for Toyota!

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MSI
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It's Grand Jury & SEC Subpeoena Time for Toyota!

Post by MSI » Mon Feb 22, 2010 4:18 pm

Feb 22, 2010: Federal prosecutors have opened a criminal investigation into Toyota's safety problems. Toyota said it received a subpoena from a federal grand jury in New York. The subpeona seeks documents related to the various recent Toyota Recalls. Toyota also said it received a subpoena and a voluntary document request from the Los Angeles office of the U.S. Securities and Exchange Commission. The SEC is seeking documents related to unintended acceleration as well as to its disclosure policies and practices.
Toyota highlighted some challenges it faces, including an "activist administration & Congress - increasing laws & regulation," "massive government support for Detroit automakers" along with "continuing economic difficulty."
Under a heading titled "key safety issues," Toyota called the Transportation Department and NHTSA under Obama "not industry-friendly" and said the auto industry expected "a more challenging regulatory and enforcement environment."
See the Asscoated press article Toyota gets US grand jury subpoena for documents
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MSI
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Re: It's Grand Jury & SEC Subpeoena Time for Toyota!

Post by MSI » Mon Feb 22, 2010 6:32 pm

Feb 22, 2010: Another Associated Press article which sums it all up:
Toyota faces federal, congressional probe
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brian
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Re: It's Grand Jury & SEC Subpeoena Time for Toyota!

Post by brian » Thu Feb 25, 2010 8:31 am

Feb 23, 2010: In an article by White Collar Watch blog author Peter Henning, there is speculation about what all this Grand Jury and SEC investigation is about: Is it for lack of timely disclosure? For hiding defects? For making false statements to the federal government? Apparently the statute covering some of that under § 30170(b), “The Attorney General may bring an action, or initiate grand jury proceedings, for a violation of subsection (a) only at the request of the Secretary of Transportation.”
Did LaHood get pressured into calling for an SEC investigation?
See Henning's article in today's NY Times Toyota’s Latest Legal Headache: Federal Subpoenas
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