Toyota Motor Corp. has agreed to pay $16.4 million fine to the U.S. government for delaying the recall of 2.3 million vehicles with a sudden acceleration problem.

The record fine was levied on the Japanese automaker by the U.S. Transportation Department. The fine is also the maximum amount that can be charged on any company for the same charges that have been pressed against Toyota. The fine is less than 2 percent of Toyota’s net income according to the projected net income in the financial year ending in March.

The U.S. auto safety regulators fined Toyota for failing to inform the U.S. officials about the faulty gas pedals that might cause sudden acceleration issues. “By failing to report known safety problems as it is required to do under the law, Toyota put consumers at risk,” said U.S. Transportation Secretary, Ray LaHood. Toyota has recalled nearly 8 million vehicles worldwide for this problem.

The car maker could have contested the fine but chose to end matters by agreeing to pay the amount. The total fine could have been as much as $13.8 billion, reminds the National Highway Traffic Safety Administration of America. “I am pleased that Toyota has accepted responsibility for violating its legal obligations to report any defects promptly,” LaHood said.

Toyota officials declined to comment on this matter. The company has 30 days to pay the $16.4 million.

Via freep