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Former Executives Get Prison Terms, Criminal Fines for Auto Parts Price Fixing

Monday, February 03, 2014
Sandler, Travis & Rosenberg Trade Report

The Department of Justice announced Jan. 31 that the former president and vice president of a Japan-based company have agreed to serve prison terms of 13-16 months and pay $5,000 criminal fines for their participation in a global conspiracy to fix prices of ignition coils installed in cars sold in the U.S. and elsewhere. Last fall the company itself pleaded guilty for its involvement in the conspiracy and was fined $19 million. A DOJ press release states that 28 individuals and 24 companies have now been charged in the department’s ongoing investigation into price fixing and bid rigging in the auto parts industry.

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