The biggest-ever price fixing conspiracy keeps getting bigger with the announcement today by the Justice Department that nine Japanese auto parts suppliers and two executives will plead guilty and pay $740 million in criminal fines.
It’s the latest settlement in a series of alleged international conspiracies to rig bids and fix the prices of car parts ranging from seatbelts to radiators to windshield wipers that are sold in the United States. The parts were sold to virtually every major car maker, including Chrysler, Ford and General Motors, as well as to the U.S. subsidiaries of Honda, Mazda, Mitsubishi, Nissan, Toyota and Subaru.
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