TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Gov.: Bridgestone agrees to plead guilty

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Friday, Feb. 14, 2014, 12:01 a.m.
 

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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Conventional gas, oil drillers seek rules differing from shale industry in Pennsylvania
  2. Stocks of Pittsburgh-area companies set record in March
  3. U.S. Steel considers temporary shutdown of Minn. plant
  4. Internet gambling results ‘disappointing’ so far
  5. Home prices rise as supply still tight
  6. 6-year stock market rally still going strong, bulls say
  7. Japan snubs China investment bank
  8. Pittsburgh region’s unemployment rate stays steady
  9. Dominion Resources CEO Farrell made $17.3M in 2014
  10. Late decline eats into previous day’s stock market gains
  11. GNC will expand its testing of supplements in settlement with NY