Mexican Media Brands
NSK Settles U.S. Class-Action Lawsuit Over Price Fixing
Japanese supplier NSK Ltd. has agreed to pay $35 million to settle two class-action lawsuits in the U.S. claiming that dealers and car owners paid too much for vehicles because NSK fixed prices on parts it sold to carmakers.
#legal
Share
Japanese supplier NSK Ltd. has agreed to pay $35 million to settle two class-action lawsuits in the U.S. claiming that dealers and car owners paid too much for vehicles because NSK fixed prices on parts it sold to carmakers.
The deal follows a $255 million agreement by Denso Corp. earlier this month to settle similar charges involving class-action lawsuits by dealers and vehicle owners.
NSK paid a $68 million criminal fine in the U.S. three years ago for conspiring to rig bids on such components as steering systems, powertrain components and bearings. That payment was part of a continuing worldwide investigation into price fixing. The U.S. Dept. of Justice alone has so far charged 45 companies and 64 executives with criminal wrongdoing and collected $2.8 billion in fines.
The company says the settlement will not impact its business forecast for the current fiscal year that began April 1. NSK notes that class-action lawsuits by other plaintiffs are still pending.
RELATED CONTENT
-
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.
-
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.
-
Four Auto Companies Rank Among the World's Most Ethical
GM and Cooper Standard make the list for the first time, joining long-running honorees Aptiv and Cummins