Sumitomo Electric Industries and KYB have been ordered pay out millions to settle civil and federal price-fixing cases, respectively.
The US Department of Justice has been on a campaign over the past few years to crack down on price fixing in the auto industry, especially from Japanese parts suppliers. In the agency's most recent count, it has indicted 46 people with 26 guilty pleas and raised over $2.4 billion in fines from 31 companies, including nine at once in 2013. Unfortunately, about 20 of these men remain fugitives from the DoJ and catching them might be very difficult.
The ongoing investigation by the Department of Justice into price fixing in the automotive industry has nabbed one more company breaking the law. Japanese parts giant NGK Spark Plug Company agreed to plead guilty to a felony count of pricing fixing and bid rigging in the in the US District Court in Detroit. Its punishment is a $52.1 million criminal fine and to continue to cooperate with the DOJ's sleuthing into the problem.
US Senator Richard Blumenthal, a Democrat from Connecticut, is echoing the call of safety advocates in requesting that the Justice Department create a compensation fund for those killed or injured behind the wheel of General Motors vehicles with faulty ignition switches.
A global auto industry price-fixing scandal being investigated by the US Department of Justice continues to unfurl as ever more companies – most of them Japanese – are found guilty of fixing the prices of numerous types of vehicle parts. Toyo Tire & Rubber is the latest company to agree to plead guilty to the crime and to pay a fine of $120 million, according to a statement by the DoJ.
Three Japanese executives at Takata are set to plead guilty to price fixing charges, after the company itself agreed to pay a $71.3-million anti-trust fine. Takata supplies a number of components for automakers, but may be best known for its distinctive green racing seatbelts.
An investigation by the US Department of Justice into charges that Daimler bribed officials in 22 countries with "tens of millions of dollars" to win contracts worth hundreds of millions of dollars from 1998 to 2008 has almost come to a close. Daimler paid $195 million in fines to the DoJ and the Securities and Exchange Commission in 2010 over the issue and, along with three subsidiaries in Germany, Russia and China, agreed to a deferred prosecution agreement that placed it under two years of pr
You might recall the tale of the FBI and U.S. Department of Justice being sued earlier this year for wrecking a Ferrari F50. The F50 was stolen from its owner in 2003, after which the insurance company, Motors Insurance, reimbursed the owner for the loss. The feds then recovered the stolen scarlet screamer during a sting operation and held it in FBI custody in Kentucky. At some point, it needed to be moved out of its impound garage, but instead of making it safely to another garage, it got wrapp
For a number of years Daimler kept secret accounts used by executives specifically for the purpose of making illicit payments to foreign officials – a practice otherwise known as bribing. The "improper payments" were made primarily in Africa, Asia and Eastern Europe from banks in those regions. The bribery itself wasn't Daimler's problem – the fired whistleblower and the U.S. Department of Justice and Securities and Exchange Commission were.