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24th Supplier Agrees to Plead Guilty to Price Fixing
Tokyo-based Koito Manufacturing Co. has agreed to admit guilt and pay $57 million in criminal fines for conspiring to rig bids and fix prices on headlamps, tail lamps and related electronic components sold to Toyota Motor Corp.
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Tokyo-based Koito Manufacturing Co. has agreed to admit guilt and pay $57 million in criminal fines for conspiring to rig bids and fix prices on headlamps, tail lamps and related electronic components sold to Toyota Motor Corp.
The U.S. Dept. of Justice says Koito's involvement spanned from at least mid-1998 to early 2010.
Koito is the 24th auto supplier in the U.S. to plead guilty or agree to plead guilty to price fixing in the auto industry. Those companies have paid more than $1.8 billion in fines, and several of their executives have been imprisoned.
The continuing Justice Dept. investigation is part of a global probe into anticompetitive activities by companies that supply a wide range of automotive components.
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