Bridgestone to Pay $425 Million Fine for Rigging Bids

Bridgestone Corp. will plead guilty to a felony charge and pay a $425 million criminal fine for manipulating the price or rubber components supplied to carmakers between at least 2001 and 2008, according to the U.S. Dept. of Justice.

The department says the company was part of a conspiracy to fixe prices on parts sold to Fuji Heavy Industries (Subaru), Isuzu, Nissan, Suzuki and Toyota in the U.S. and elsewhere.

In 2011 Bridgestone pleaded guilty and paid a $28 million fine for fixing the prices of marine hoses. The Justice Dept. say the company's failure to disclose its participation in a conspiracy to rig prices for anti-vibration engine mounts and suspension components to the auto industry was a factor in determining the new and stiffer fine.

The Bridgestone agreement brings to 26 the number of companies pleading guilty or agreeing to do so under the Justice Dept.'s portion of a global probe into price fixing in the auto industry.