Repeat Offender Gets $425 Million Criminal Fine for Price Fixing
The Department of Justice announced Feb. 13 that a Japan-based company has agreed to plead guilty and pay a $425 million criminal fine for its eight-year involvement in a conspiracy to fix prices of automotive anti-vibration rubber parts installed in cars sold in the United States and elsewhere. The DOJ states that one reason this fine is so large is that the company failed to disclose in October 2011 when it pleaded guilty and paid a $28 million fine for price-fixing and Foreign Corrupt Practices Act violations in the marine hose industry that it had also participated in the anti-vibration rubber parts conspiracy.
A DOJ press release states that a total of 26 companies have now pleaded guilty or agreed to plead guilty, and that 28 individuals have been charged, in the department’s ongoing investigation into price fixing and bid rigging in the automotive parts industry. These companies have agreed to pay a total of more than $2 billion in criminal fines.