Takata to Pay $71 Million Fine in Price-Fixing Probe

Takata Corp. has agreed to pay a $71 million fine to settle a claim by U.S. federal prosecutors that it conspired for years to set prices on seatbelts it supplied to carmakers, Reuters reports.

Gary Walker, a former Takata regional sales director, previously pleaded guilty to price fixing charges brought as part of the same probe. He will pay a $20,000 fine and spend 14 months in a federal prison.

In Japan, Takata says it will impose a 30% pay cut on CEO Shigehisa Takada and a 15% reduction for other directors.

The Takata settlement is the latest in a global probe into widespread price fixing involving dozens of components sold by suppliers in Europe, Japan and the U.S. Nine companies have pleaded guilty and paid fines of about $745 million in the U.S. alone.