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Toyo to Pay $120 Million Criminal Fine in Price-Fixing Case

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Nov. 26 (Bloomberg) -- Japan’s Toyo Tire & Rubber Co. agreed to plead guilty and pay a $120 million criminal fine for conspiring to fix prices of automotive parts sold to Toyota Motor Corp. and other carmakers, the U.S. said.

Toyo conspired to fix prices for anti-vibration rubber parts from as early as 1996 until at least May 2012, the Justice Department said in a statement today. Besides Toyota, the parts were sold to Nissan Motor Corp. and Subaru Co.

The charges stem from an continuing investigation into price-fixing in the auto-parts industry. Including Toyo, 22 companies have been charged and have agreed to pay more than $1.8 billion in fines, according to the Justice Department.

Toyo was charged with participating in a separate conspiracy to fix prices of constant-velocity-joint boots sold to GKN Plc.

The case is U.S. v. Toyo Tire & Rubber Co., 13-cr-529, U.S. District Court, Northern District of Ohio (Toledo).

To contact the reporters on this story: Laurie Asseo in Washington at lasseo1@bloomberg.net; David McLaughlin in Washington at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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