Toyo to Pay $120 Million Criminal Fine in Price-Fixing CaseLaurie Asseo and David McLaughlin
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).