Ford sues Japanese supplier for price-fixing
Ford Motor Co. on Tuesday filed suit against a Japanese auto parts supplier that has admitted to fixing the prices of electrical parts.
July 23, 2013 at 09:16 AM
2 minute read
The original version of this story was published on Law.com
Ford Motor Co. on Tuesday filed suit against a Japanese auto parts supplier that has admitted to fixing the prices of electrical parts.
Fujikura Ltd. has already forked over $20 million in criminal penalties after pleading guilty to charges that it conspired with competitors to fix prices on wire harnesses and other electrical components.
Ford, the first automaker to sue over the conspiracy, says that it paid $10 billion for wire harnesses from 2000 to 2010, according to International Business Times. The price manipulation reportedly began as early as January 2006 and lasted until 2010, and Ford has not specified what its alleged losses were during that time period.
Other companies accused in the price-fixing scheme include Sumitomo Electric Industries and Yazaki Corp. Sumimoto has denied the charges, but Yazaki paid a $470 criminal fine and saw several of its executives locked up over the scandal.
For more coverage of price-fixing controversies on InsideCounsel, see:
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