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Continental Unit Agrees to Plead Guilty to Price Fixing
The U.S. Dept. of Justice says Continental Automotive Electronics LLC and its Korean affiliate have agreed to plead guilty and pay a single $4 million criminal fine for rigging bids for instrument clusters they sold to Hyundai Motor Co. and Kia Motors Corp.
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The U.S. Dept. of Justice says Continental Automotive Electronics LLC and its Korean affiliate have agreed to plead guilty and pay a single $4 million criminal fine for rigging bids for instrument clusters they sold to Hyundai Motor Co. and Kia Motors Corp.
The Conti units admit they met with co-conspirators to fix prices on the modules between at least 2004 and 2012.
The Justice Dept. settlement is the latest in an antitrust investigation that has now charged 32 companies and 46 executives of criminal wrongdoing. The probe has collected more than $2.4 billion in criminal fines and sent 26 executives to prison.
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