US: Japanese auto supplier to pay $100 million for probe settlement image

Yazaki Corporation, the market leader for auto wire harnesses, has been hit with a civil payment of $100 million, needed to settle a long-running automotive supplier price-fixing investigation and subsequent lawsuit.

Back in February 2010, the Yazaki North America Inc. division of the Japanese parts maker was raided by the FBI in relation to a huge probe that involved criminal charges for price-fixing. After a three years prosecution, the company and its US subsidiary agreed in 2012 to pay the biggest criminal fine in America so far – $470 million. Now, two years later, the related civil settlements have been established, at $100 million.

In relation to the price-fixing investigation, so far the US Department of Justice has indicted with criminal charges 28 companies and 43 executives, with fines totaling around $2.3 billion since late September 2011.

“Each settlement brings us one step closer to securing full recovery for the class of injured consumers, and we’re pleased that these settlements continue to move us in the right direction,” comments an attorney for the plaintiffs. This is “another victory in our continued pursuit of justice for consumers and businesses harmed.”

The civil case will award the auto dealerships about $24 million of the settlement, while the rest will go to customers that brought on the case.

Via Automotive News