Takata's US$1b settlement removes hurdle to its sale

Detroit

TAKATA Corp's agreement to pay US$1 billion to settle a criminal investigation removes a hurdle to the airbag maker's sale, which the company needs to continue operations and complete the biggest product recall in automotive history.

The Tokyo-based company admitted to hiding the deadly risks of its airbags for about 15 years and agreed to plead guilty to one criminal charge in the settlement, according to court papers. Separately, US prosecutors charged three former Takata executives for their alleged roles in hiding the risks since 2000. The faulty airbags have been linked to at least 17 deaths worldwide.