Gov.: Bridgestone agrees to plead guilty
WASHINGTON — Bridgestone Corp. has agreed to plead guilty in a price-fixing conspiracy and pay a $425 million criminal fine in a Justice Department investigation that has swept the automotive parts industry.
Twenty-six companies including Tokyo-based Bridgestone have pleaded guilty or agreed to plead guilty in the Justice Department's ongoing probe into price fixing and bid rigging. The companies have agreed to pay more than $2 billion in criminal fines. Twenty-eight people have been charged.
According to a one-count felony charge in federal court in Toledo, Ohio, Bridgestone participated in allocating sales, rigging bids and raising prices of automotive anti-vibration rubber parts sold to car manufacturers in the U.S. and elsewhere.
Bridgestone sold the parts to Toyota Motor Corp., Nissan Motor Corp., Fuji Heavy Industries Ltd., Suzuki Motor Corp. and Isuzu Motors Ltd.
The Justice Department says Tokyo-based Bridgestone has agreed to cooperate with the government's ongoing auto parts investigations. The plea agreement is subject to court approval.
Bridgestone's role in the conspiracy first surfaced in October 2011 when the company pleaded guilty and paid a $28 million fine for price-fixing and for violating the Foreign Corrupt Practices Act in the marine hose industry.
On Thursday, the Justice Department said Bridgestone did not disclose at the time of the 2011 guilty plea that it had also participated in the anti-vibration rubber parts conspiracy. Bridgestone's failure to disclose the earlier conspiracy was a factor in determining the $425 million fine, the department said.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Kings Family Restaurants sold to California firm
- Oil at $65 could free 500,000 barrels from shale ‘fracklog’
- Airlines’ bottom lines soar on cheaper fuel
- Comcast abandons Time Warner Cable merger deal amid regulators’ pushback
- What price safety? Cost of crash prevention is roadblock
- Mylan raises bid for fellow drugmaker; Perrigo says ‘no’
- Low Marcellus gas prices cut into EQT profits
- Acura ILX strikes balance
- Tech sector drives gains on Wall Street
- GetGo to hire 300 workers
- Guessing approach can result in big bill