Mitsubishi, Hitachi Charged With Rigging Car-Part Bids
The companies were named in documents filed today in federal court in Detroit. They’re charged with conspiracy to restrain trade for fixing prices of automotive parts sold to carmakers including Ford Motor Co. (F), General Motors Co. (GM), Chrysler Group LLC, Toyota Motor Corp. (7203) and Honda Motor Co.
The U.S. Justice Department, which has been investigating price-fixing, bid-rigging and other anticompetitive conduct in the auto parts industry, said on Sept. 24 that more than $874 million in criminal fines had been imposed and that 11 companies and 19 executives had been charged in the probe.
Competition authorities around the world have been investigating suppliers, and more than 100 products and more than 70 companies are involved in the probe, EU Competition Commissioner Joaquin Almunia said in a speech yesterday in Washington.
Other companies charged today include Mitsuba Corp. (7280) and Valeo Japan. The Justice Department said earlier that it will hold a news conference today in Washington related to an antitrust enforcement action
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