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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.
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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.
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