Mexican Media Brands
EC Fines Two Japanese Suppliers for Price Fixing
The European Commission has levied a combined €138 million ($150 million) in fines against Hitachi Ltd. and Mitsubishi Electric Corp. for conspiring to fix prices on automotive electrical components in Europe between 2004 and 2010.
#legal
Share
The European Commission has levied a combined €138 million ($150 million) in fines against Hitachi Ltd. and Mitsubishi Electric Corp. for conspiring to fix prices on automotive electrical components in Europe between 2004 and 2010.
A third conspirator, Denso Corp., avoided a fine by telling the commission about the scheme to manipulate prices for alternators and starter motors. Investigators say the Japanese companies agreed on pricing and managed bids accordingly.
The fines are part of a continuing international investigation into price-fixing cartels that have inflated costs for a broad array of parts and assemblies. The U.S. Dept. of Justice alone has imposed fines totaling $2.6 billion against 37 companies for such wrongdoing.
RELATED CONTENT
-
U.S. Probes Possible Bosch Role in VW Diesel Scandal
The U.S. Dept. of Justice is investigating whether Robert Bosch GmbH aided Volkswagen AG in cheating on diesel emission tests, sources tell Reuters.
-
U.S. Justice Dept. Asks VW to Delay Diesel Cheating Report
The U.S. Dept. of Justice has asked Volkswagen AG not to release findings of an independent probe into the German carmaker's diesel emission cheating scandal.
-
Uber Settles with Family of Woman Killed in Self-Driving Car Crash
Uber Technologies Inc. has quickly settled on damages to the survivors of a woman killed in Tempe, Ariz., last week by an Uber test vehicle operating in autonomous mode.