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Wed August 29, 2012
Japanese auto parts company to pay fine for price fixing
DETROIT, MI (AP)-- The federal government says a Japanese company has agreed to plead guilty in Detroit and pay a $1 million fine in a price-fixing investigation involving auto parts.
The Justice Department said Tuesday that Nippon Seiki Co. Ltd. of Nagoka, Japan, conspired with other companies to fix prices of instrument panel clusters over a two-year period. Nippon Seiki's website says it sells and makes instrument clusters around the world, including in Troy, Mich., and Sabina, Ohio.
Eight companies and 11 executives have been charged in the U.S. government's ongoing antitrust probe. Guilty pleas have led to more than $785 million in fines.