- Posted July 18, 2013
- Tweet This | Share on Facebook
Diamond Electric pleads guilty to price fixing
WASHINGTON (AP) -- Japanese auto supplier Diamond Electric Manufacturing Co. has agreed to plead guilty and pay a $19 million criminal fine for its role in a price-fixing scheme.
The U.S. Department of Justice said Tuesday that Diamond Electric rigged bids and fixed prices on ignition coils it sold to Ford Motor Co., Toyota Motor Corp. and others. The conspiracy lasted from 2003 through 2010.
Also Tuesday, the department said that Takayoshi Matsunaga has agreed to serve a year in prison and pay a $20,000 fine for fixing the prices of seat belts sold to Toyota between 2008 and 2011. Matsunaga is a Japanese employee of Swedish auto supplier Autoliv Inc.
Ten companies and 15 executives have pleaded guilty as part of the Justice Department's ongoing investigation into auto industry price fixing.
Published: Thu, Jul 18, 2013
headlines Oakland County
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- NextGen UBE ‘blueprint’ welcome, but more info on new bar exams needed, sources say
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Lawyer accused of hitting rapper Fat Joe’s process server with his car
- Trump administration sues Maryland federal court and its judges over standing order on deportations
- Law firms consider increasing capital contributions by equity partners
- BigLaw firm lays off 5% of business professional staff
