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-   -   9Japanese auto parts makers to pay $740,000,000.00 fine (https://www.revscene.net/forums/688628-japanese-auto-parts-makers-pay-%24740-000-000-00-fine.html)

Timpo 09-26-2013 11:49 AM

9Japanese auto parts makers to pay $740,000,000.00 fine
 
Japanese auto parts makers to plead guilty, pay $740M in price-fixing plea | CTV News | Autos

Mitsubishi Parts Price-Fixing Targets Ford, GM, U.S. Says - Bloomberg

U.S. fines 9 Japanese auto parts makers in price-fixing probe

The Associated Press
Published Thursday, September 26, 2013 1:48PM EDT
WASHINGTON -- Nine Japanese auto parts manufacturers and two of their executives will plead guilty and pay $740 million in criminal fines for conspiring to fix the prices of more than 30 products sold to many of the world's largest automakers operating in the U.S., the Justice Department announced Thursday.
The action is the latest development in the largest criminal investigation the Justice Department's criminal division has ever carried out. To date, it has resulted in charges against 20 companies and 21 executives, and the companies have agreed to pay $1.6 billion in criminal fines.
From steering assemblies to seat belts, the price-fixing conspiracies went on for more than a decade and affected more than $5 billion in auto parts sold to U.S. car manufacturers and installed in cars sold in the United States and elsewhere. In all, more than 25 million cars purchased by American consumers have been affected by the illegal conduct.
"As a result of these conspiracies, Americans paid more for their cars," Attorney General Eric Holder told a news conference. Holder said American companies such as Chrysler Group LLC, Ford Motor Co. and General Motors Corp. were affected, as were U.S. subsidiaries of Honda Motor Co., Mazda Motor Corp., Mitsubishi, Nissan Motor Co., Subaru and Toyota Motor Corp.
The government will continue to "check every hood and kick every tire" to end the price fixing, said Holder.
Company executives used code names and met face to face in remote locations in the U.S. and Japan to rig bids, fix prices and allocate the supply of auto parts, the government alleged.
Seventeen of the 21 executives charged so far have been sentenced to serve prison terms in the U.S. or have plea agreements calling for significant time behind bars.
The companies charged Thursday are Hitachi Automotive Systems; Mitsubishi Electric and Mitsubishi Heavy Industries; Mitsuba; Jtekt; NSK; T.RAD; Valeo Japan and Yamashita Rubber.

shawnly1000 09-26-2013 11:55 AM

Couldn't have just put it as $740 million in your title? lol
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fliptuner 09-26-2013 12:18 PM

I wonder if they'll also be charged in Canada, based on the Competition Act.

604STIG 09-26-2013 12:29 PM

Quote:

Originally Posted by shawnly1000 (Post 8327820)
Couldn't have just put it as $740 million in your title? lol
Posted via RS Mobile

Because Timpo.

Phil@rise 09-26-2013 01:44 PM

hey guys maybe he wasnt sure how many zero's it takes to make a million

white rocket 09-26-2013 01:53 PM

The zeros make the fine look WAY more harsh. LOL!

BBMme 09-26-2013 04:22 PM

Lol I seriously thought it was 740 billion!damn I felt stupid for a second haha
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snails 09-26-2013 04:27 PM

i like how no one gives a shit about the post/content.. just the title! hahahah

i <3 RS

AzNightmare 09-27-2013 01:32 AM

Damn.... Just a bit mind blown to realize how much 1 billion is.

It's bigger amount than the thread title, and to think there are people that can easily pay off that sum cause they are billionaires.

You often see the words billion this, billion that.

Put that in digits... It's like :fulloffuck:
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StylinRed 09-27-2013 06:24 AM

I wonder what the other companies are as the article notes 20 companies

MG1 09-27-2013 07:09 AM

So when will the US go after Chinese companies for.......... oh wait, China owns the US, LOLOLOLOLOL.

entrax 09-27-2013 10:19 AM

so harsh on timpo...he didn't even mention gt-r yet..

but yeh the zeroes do make a point though

EliteResearcher 10-12-2013 02:20 PM

Holy....that's a very, very big fine!


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