Takata executives in faulty air bag scandal plead guilty

Three former executives at Japanese-based Takata have plead guilty to concealing air bag defects and will pay $1 billion in fines and restitution. The Justice Department announced Friday that Takata would plead guilty to one count of wire fraud and pay $25 million to settle the criminal charge. The company will also pay $850 million to automakers and $125 million to those injured as a result of the defect, according to a plea agreement. The faulty airbags were installed in tens of millions of vehicles. At the time the scandal broke, Takata was the world’s second-largest provider of air bags.