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Feds: Company To Pay Fine For Parts Price-Fixing

Wed, 11/27/2013 - 1:17pm

TOLEDO, Ohio (AP) -- The Justice Department says a Japanese auto parts maker has agreed to pay a $120 million fine as part of a plea agreement to settle a pair of price fixing schemes.

The plea agreement and indictment filed in Toledo, Ohio, were finalized Tuesday by the U.S. Department of Justice.

The government says Osaka-based Toyo Tire & Rubber Co. fixed the prices of anti-vibration rubber parts it sold to Toyota Motor Corp., Nissan Motor Corp. and the makers of Subaru.

It also says Toyo engaged in fixing prices of parts it sold to U.S. subsidiaries of a British parts supplier.

Toyo says in a statement that it has cooperated with the investigation and is committed to rebuilding the public's trust.

Toyo has subsidiaries based in Franklin, Ky., and White, Ga.

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