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Denso Settles U.S. Class-Action Lawsuit for $255 Million
Denso Corp. has agreed to pay $61 million (6.4 billion yen) to auto dealers and $194 million (20.4 billion yen) to vehicle owners in the U.S. to compensate them for paying too much for new and replacement car parts sold by the company.
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Denso Corp. has agreed to pay $61 million (6.4 billion yen) to auto dealers and $194 million (20.4 billion yen) to vehicle owners in the U.S. to compensate them for paying too much for new and replacement car parts sold by the company.
The deal settles a 2011 class-action lawsuit filed in Detroit. The complaint was linked to Denso’s conviction by the U.S. Dept. of Justice in 2012 of rigging prices on electronic controls and ventilation control panels sold between 2000 and 2010.
Denso agreed four years ago to plead guilty to the federal charges and pay a $78 million criminal fine for conspiring to fix bids. Six of its former executives eventually were fined and imprisoned.
Today’s complex class-action settlement will compensate for inflated prices on a long list of Denso components that includes electric and electronic parts, spark plugs, sensors, electric motors and windshield washer systems. The components were used by multiple carmakers that are not specified in the settlement.
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