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Auto Parts Manufacturer Hit with $19.9 Million Penalty for Price Fixing

Thursday, April 24, 2014
Sandler, Travis & Rosenberg Trade Report

A Japanese auto parts manufacturer has agreed to plead guilty and pay a $19.9 million criminal fine for its role in a conspiracy to fix prices and rig bids for pinion-assist type electric powered steering assemblies installed in cars sold in the U.S. and elsewhere, the Department of Justice announced April 23. The DOJ alleged that the company’s involvement in this conspiracy lasted for more than five years and included secret meetings, conversations and communications as well as sales at collusive and non-competitive prices.

A DOJ press release states that 27 companies and 24 executives have now pleaded guilty or agreed to plead guilty and agreed to pay a total of $2.3 billion in criminal fines in its ongoing investigation into price fixing and bid rigging in the auto parts industry.

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