Mexican Media Brands
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.
#labor
Share
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.
RELATED CONTENT
-
Skilled-Trade Workers Reject GM Contract, Ratification in Limbo
The United Auto Workers union says its production workers ratified a new four-year labor contract with General Motors Co. by a 58% margin.
-
GM Offers Buyouts to 18,000 Salaried Workers
General Motors Co. is launching a new round of buyouts for about 18,000 of its 50,000 white-collar employees in North America.
-
Japanese Models Top “Most-American” List
The five most “American” models sold in the U.S. in terms of local content and labor all carry Japanese brands, says Cars.com.