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
-
Bosch Targeted in Criminal Probe of VW Diesel Cheating in U.S.
Federal prosecutors in the U.S. are trying to determine whether Robert Bosch GmbH conspired to help Volkswagen AB—and perhaps other carmakers—rig their diesel engines to evade emission standards, sources tell Bloomberg News.
-
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.
-
Tesla Faces Second Autopilot Fatality Lawsuit
Tesla Inc. has been sued for the second time in three months by families of drivers killed in crashes while using the company’s Autopilot semi-self-driving feature.