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Japan: Tire firm pleads guilty to US DOJ

 |  November 27, 2013

Japan-based Toyo Tire & Rubber Co has reportedly pleaded guilty to charges by the US Department of Justice to fixing auto parts prices, the DOJ said Tuesday.

Toyo will pay a $120 million fine for fixing anti-vibration rubber parts sold to major auto manufacturers Toyota Motor Corp, Nissan Motor Corp and Fuji Heavy Industries, which makes Subaru vehicles. The company also agreed to please guilty to fixing constant velocity joint boots prices, which were sold to GKN Plc.

The case is just part of the DOJ’s widespread investigation into auto parts price-fixing, a case that found price manipulation within seat belts, radiators, windshield wipers and other car parts markets.

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