2.22.2010

Toyota: Records Subpoenaed by U.S. Grand Jury, Requested by SEC


Toyota announced today that it received a subpoena for documents related to unintended acceleration and braking issues which prompted its huge recall from a federal grand jury (southern District of New York).

Date they got that subpoena? February 8.

As in two weeks ago today.

This, of course, is a big fat hairy deal...and Toyota should know it. If the grand jury doesn't like what it reads, the end result can be criminal charges.

A bit more recently, Toyota says it got a voluntary request from the Los Angeles office of the Securities and Exchange Commission last Friday (February 19) for related documents, including the company's disclosure policies.

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