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9 Auto Parts Makers Plead Guilty to Fixing Prices Japanese Auto Parts Makers Fined
(34 minutes later)
Nine Japanese automotive suppliers pleaded guilty on Thursday to charges of conspiracy and agreed to pay $740 million in criminal fines for fixing the price of auto parts sold in the United States and abroad.Nine Japanese automotive suppliers pleaded guilty on Thursday to charges of conspiracy and agreed to pay $740 million in criminal fines for fixing the price of auto parts sold in the United States and abroad.
Thursday’s pleas were the latest in what the Justice Department said is its largest criminal antitrust investigation, involving more than a dozen separate conspiracies, 30 kinds of parts and sales of more than $5 billion to General Motors, Ford and Chrysler, as well as the American subsidiaries of Honda, Mazda, Mitsubishi, Nissan, Subaru and Toyota.Thursday’s pleas were the latest in what the Justice Department said is its largest criminal antitrust investigation, involving more than a dozen separate conspiracies, 30 kinds of parts and sales of more than $5 billion to General Motors, Ford and Chrysler, as well as the American subsidiaries of Honda, Mazda, Mitsubishi, Nissan, Subaru and Toyota.
Hitachi Automotive Systems and Mitsubishi Electric Corp. are among the companies that pleaded guilty.Hitachi Automotive Systems and Mitsubishi Electric Corp. are among the companies that pleaded guilty.
“These international price-fixing conspiracies affected more than $5 billion in automobile parts sold to U.S. car manufacturers,” Attorney General Eric H. Holder Jr. said in a statement. “In total, more than 25 million cars purchased by American consumers were affected by the illegal conduct.”“These international price-fixing conspiracies affected more than $5 billion in automobile parts sold to U.S. car manufacturers,” Attorney General Eric H. Holder Jr. said in a statement. “In total, more than 25 million cars purchased by American consumers were affected by the illegal conduct.”
The parts included seatbelts, radiators, windshield wipers and air-conditioning systems, Mr. Holder said.The parts included seatbelts, radiators, windshield wipers and air-conditioning systems, Mr. Holder said.
Two former executives — an American and a Japanese national — also pleaded guilty Thursday for their involvement in the scheme, in which executives met in-person and colluded on the phone to rig bids, fix prices and allocate the supply of parts, the Justice Department said.Two former executives — an American and a Japanese national — also pleaded guilty Thursday for their involvement in the scheme, in which executives met in-person and colluded on the phone to rig bids, fix prices and allocate the supply of parts, the Justice Department said.
So far in the investigation, 20 companies and 21 executives have been charged. Each company has pleaded guilty or agreed to do so, the Justice Department said. Together, they have agreed to pay more than $1.6 billion in criminal fines.So far in the investigation, 20 companies and 21 executives have been charged. Each company has pleaded guilty or agreed to do so, the Justice Department said. Together, they have agreed to pay more than $1.6 billion in criminal fines.
All but four of the 21 executives charged have been sentenced to prison or have entered into plea agreements that call for prison sentences.All but four of the 21 executives charged have been sentenced to prison or have entered into plea agreements that call for prison sentences.
The continuing investigation has affected automakers in the United States, Canada, Japan and Europe over more than a decade, the department said. Thursday’s charges were filed in United States District Courts in Detroit, Cincinnati and Toledo, Ohio.The continuing investigation has affected automakers in the United States, Canada, Japan and Europe over more than a decade, the department said. Thursday’s charges were filed in United States District Courts in Detroit, Cincinnati and Toledo, Ohio.
“These enforcement actions send a clear and consistent message to all who would take advantage of consumers,” Mr. Holder said. “The Department of Justice is determined to hold accountable the companies and individuals that are responsible for this cartel behavior that undermines competition in the marketplace and causes millions of Americans to pay more for the products they use every day.”“These enforcement actions send a clear and consistent message to all who would take advantage of consumers,” Mr. Holder said. “The Department of Justice is determined to hold accountable the companies and individuals that are responsible for this cartel behavior that undermines competition in the marketplace and causes millions of Americans to pay more for the products they use every day.”
Hitachi will pay a $195 million fine, and Mitsubishi will pay $190 million as a result of Thursday’s charges. Jtekt Corporation, Mitsuba Corporation, Mitsubishi Heavy Industries Ltd., NSK Ltd., T. RAD Company, Valeo Japan Company and Yamashita Rubber Company have also agreed to plead guilty, the Justice Department said.Hitachi will pay a $195 million fine, and Mitsubishi will pay $190 million as a result of Thursday’s charges. Jtekt Corporation, Mitsuba Corporation, Mitsubishi Heavy Industries Ltd., NSK Ltd., T. RAD Company, Valeo Japan Company and Yamashita Rubber Company have also agreed to plead guilty, the Justice Department said.
Last year, Yazaki Corporation paid one of the largest fines levied in the investigation — $470 million — and four of its executives were sentenced to up to two years in prison.Last year, Yazaki Corporation paid one of the largest fines levied in the investigation — $470 million — and four of its executives were sentenced to up to two years in prison.