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US: DOJ’s largest-ever price-fixing case lands guilty pleas, jail time

By  |  September 26, 2013

Nine Japanese auto parts companies and two executives were found guilty of conspiring to fix auto parts prices, according to a statement from the US Department of Justice. The companies and individuals entered guilty pleas in part of the DOJ’s largest-ever price-fixing probe.

Reports say one executive is from Japan and the other is from the US.

The cases were reportedly settled Thursday, resulting in agreements of $740 million in criminal fines.

Since launching its investigation, the DOJ has filed charges against 20 companies and 21 executives; of those charged, all companies and 17 executives have pleaded guilty. In total, fines have reached $1.6 billion, and all 17 executives – including the two who entered guilty pleas Thursday – were sentenced to jail time in the US.

At a press conference, US Attorney General Eric Holder said the price-fixing conspiracy affected more than $5 billion worth of car parts sold to car makers within the US.

Full Content: UPI.com

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