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Japanese auto suppliers to pay price-fixing fine2 Japanese companies to pay $548 million for fixing parts prices to US automakers; 4 get jail
WASHINGTON (AP) ' Two Japanese auto suppliers have agreed to pay more than half a billion dollars in criminal fines for a price-fixing conspiracy in the sale of parts to U.S. automakers.
The Justice Department announced Monday that Yazaki Corp. agreed to pay a $470 million fine, the second-largest criminal fine obtained for a Sherman Act antitrust violation. The second company, DENSO Corp., agreed to pay a $78 million fine. Four Yazaki executives, all Japanese citizens, will serve up to two years in U.S. prison as part of the deal.
Court documents filed in federal court in Detroit say the executives sold automotive electrical components to automakers in the United States and elsewhere at inflated prices. The Justice Department says they met to monitor and enforce adherence to the bid-rigging and price-fixing scheme.
Related Keywords:Auto Parts Price-Fixing,Consumer products and services,Industries,Business