Japanese automakers confess to price-fixing scheme

Filed under: AM Roundup |

For decades, several Japanese automakers met in secret, spoke in code and agreed to fix prices on components critical to building new cars, reports the Los Angeles Times.

The global conspiracy stretched from factories in the United States to high-rise executive suites in Tokyo and Europe – and went unnoticed for decades.

On Monday, the U.S. Justice Department uncovered a major part of the scheme, and producer Yazaki Corp. agreed to pay a $470 million fine and pled guilty to U.S. charges.

Denso Corp. also pled guilty and agreed to pay a fine of $78 million

Read more at the Los Angeles Times.