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JTEKT Agrees to $62.5 Million Partial Settlement Over Price Fixing
Japanese bearing supplier JTEKT Corp. and its U.S. subsidiary have agreed to pay $62.5 million (6.4 billion yen) settle several class-action lawsuits in the U.S. that claim the company restricted competition in the sale of bearings and other items.
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Japanese bearing supplier JTEKT Corp. and its U.S. subsidiary have agreed to pay $62.5 million (6.4 billion yen) settle several class-action lawsuits in the U.S. that claim the company restricted competition in the sale of bearings and other items.
The complaints were filed in 2012 by auto dealerships and customers and combine last year in U.S. District Court in Detroit. JTEKT says lawsuits by other plaintiffs are still pending.
The lawsuits stem from a U.S. Dept. of Justice investigation into price fixing by the company. The probe resulted in a $103 million fine in 2013 and a conspiracy indictment against a JTEKT executive a year later.
JTEKT avoided an €86 million fine from the European Union in 2014 by cooperating with an EU probe that resulted in a combined €953 million in fines against five bearing suppliers. Later that year China fined the company and nine other Japanese parts suppliers 1.2 billion yuan ($200 million) for conspiring to fix prices on bearings and other components.
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