The U.S. Justice Department has said that a Japanese company that was accused of price-fixing in the car parts industry has plead guilty and has agreed to a $1 million fine in a Detroit court.
According to the Justice Department, Japan’s Nippon Seiki Co. Ltd. of Nagoka was involved with several other companies in a conspiracy to fix the purchase prices of instrument panel clusters. The conspiracy and fixing scheme took place during a two year period.
According to Nippon Seiki’s website, the company manufactures and sells vehicle instrument clusters on an international scale
and have customers in two major U.S. cities known for car manufacturing.
At the present time, the name of the lawyer for the Japanese company is unknown. The U.S. government’s anti-trust investigations
are yet to be concluded; so far 11 business executives in various industries and eight companies have been charged. At last count, well over $785 million in fines have been collected from those who have so far entered guilty pleas.
Other companies charged in the probe include Sweden’s Autoliv, who must pay $14.5 million in fines, and executives from Japan’s Denso and Yazaki car parts manufacturers have plead guilty to charges of international automotive supplier price-fixing.