Auto Parts Company Fined $7 Million for Price Fixing
The Department of Justice reports that a Japan-based company has agreed to plead guilty and pay a $6.86 million criminal fine for its role in a price-fixing conspiracy involving electronic throttle bodies sold in the U.S. and elsewhere. These items are part of the air intake system in an engine that controls the amount of air flowing into an engine’s combustion chamber and thereby controls engine speed.
Under this plea agreement, which is subject to court approval, the company has also agreed to cooperate with the DOJ’s ongoing investigation into price fixing and bid rigging in the auto parts industry. A department press release notes that 25 corporations have now pleaded guilty or agreed to plead guilty in this investigation and agreed to pay a total of more than $1.8 billion in fines. Additionally, 28 individuals have been charged.