Posted on 09/18/2014 8:00:35 PM PDT by DeaconBenjamin
The United States charged seven Japanese executives with price-fixing Thursday in a long-running probe into illegal practices in the auto parts industry.
Three executives from Mitsubishi Electric Corp were accused by a federal grand jury of conspiring to set the prices of starter motors, alternators and ignition coils sold to top US manufacturers, and U.S.-based Japanese manufacturers, from at least 2000 through 2010.
Another four executives from Hitachi Automotive Systems were similarly charged over price-fixing involving a number of parts sold to US automakers including starter motors, fuel injection systems, and ignition coils.
Both groups of executives were alleged to have directed and participated in efforts with others in the industry to set prices and rig bids for supply contracts.
Each of the seven faces up to 10 years in prison and a $1 million fine, with the possibility of doubling the fine if the gain from the crime or the loss suffered by the victim is seen to be higher than $1 million.
In the same cases both Mitsubishi Electric and Hitachi Automotive pleaded guilty to criminal price-fixing charges last year, and were fined $190 million and $195 million, respectively.
Over the past several years U.S. justice authorities have fined 28 companies, mostly Japanese, more than $2.4 billion in the ongoing probe into bid-rigging and price-fixing in the parts industry.
In addition, 43 individuals have been charged, and 26 have pleaded guilty and have been sentenced to one- to two-year prison terms.
“Protecting American consumers from anti-competitive practices is our top priority,” said Brent Snyder of the US Justice Department’s antitrust unit in a statement.
“The Antitrust Division will continue to pursue the auto parts makers and executives who engaged in this blatant and harmful criminal scheme.”
For G sake, close the border.
This dog won’t hunt!
Frankly, I’m just not interested.
We’re losing our nation and here we are at kabuki theater central, AGAIN!
Holder, get your head out of your A and get to work.
Holy crap. You can’t beat your opponent, so sue them. There are MANY part supply, assembly, and production plants here in the US. You’re just destroying their incentive to stay here.
The folks who built the Kamikaze planes now dive-bomb the free market.
Japanese companies have “cooperated” with one another for decades. The only surprise to me is what took so long.
Obama bailed out GM. I remember Toyota being in the headlines. It’s a setup(again).
The best movie ever made, bar none.
In Asia, this is how business is done. They view us as mad to not limit competition.
It is an interesting mind set.
“Now, here’s the Buckinghams with ‘Kind of a Drag’.
War - It’s fan-tastic.”
“I can kill again.”
China did the same thing a few days ago. Communists nations cracking down on free-market companies that do not make political contributions.
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