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
-
Court Ruling Exposes GM to Punitive Damages Over Ignition Switches
A new ruling by the federal judge who presided over General Motors Corp.’s 2009 bankruptcy could expose post-bankruptcy General Motors Co. to a wave of costly punitive damage awards linked to the company’s defective ignition switches.
-
Former VW Exec Schmidt Gets Maximum Sentence in Diesel Scandal
Oliver Schmidt—the former Volkswagen AG executive who pleaded guilty in August to lying about VW’s diesel pollution cheating—has received the maximum sentence of seven years in prison and a $400,000 fine.
-
China Prepares to Sanction U.S. Carmaker for Price Fixing
China is preparing to fine an undisclosed U.S. carmaker for ordering its distributors to fix prices beginning in 2014, according to China Daily. Media reports say General Motors Co. is the target.