Japanese Company Pleads Guilty To Price Fixing
DETROIT (AP) — Federal authorities say a Japanese auto parts supplier will pay $2.75 million for its role in a price-fixing conspiracy.
The U.S. Department of Justice said Tuesday that Toyota City-based G.S. Electech Inc. pleaded guilty to fixing prices of auto parts used on antilock brake systems installed in U.S. cars. The government says G.S. Electech will pay the fine and cooperate with an ongoing investigation.
The company is among four companies and eight executives charged in the government's investigation of the auto parts industry. Yazaki Corp., Furukawa Electric Co. and Denso have all pleaded guilty to the charges and were ordered to pay a combined $748 million in fines.
The government alleges the companies sold parts to car companies at inflated prices for at least a decade.