Yazaki Settles Car Parts Antitrust Claims For $212M
Beginning in 2011, the U.S. Department of Justice and Japanese and European authorities conducted a joint investigation into price-fixing by Japanese automotive parts suppliers Yazaki Corporation and Chiyoda Manufacturing Corporation. The investigation revealed evidence of price fixing and led to approximately $2.4 billion in criminal fines paid to the U.S. Department of Justice.
In addition, a number of direct purchasers, dealerships and vehicle buyers brought lawsuits against the companies named in the investigation for conspiring to fix prices for in-car electronic systems and forcing the plaintiffs to pay higher prices for the automotive products.
This past week, Yazaki Corporation and Chiyoda Manufacturing Corporation agreed to pay $212 million and $1.15 million, respectively, to settle a lawsuit in Michigan federal court.
Preti Flaherty's Gregory P. Hansel, Randall B. Weill and Michael Smith were among the attorneys who represented the direct purchasers, the plaintiffs, in this case.
An Excerpt
The $212 million deal with Yazaki Corp. and its subsidiary Yazaki North American Inc. is by far the largest settlement to emerge from the suit with any one defendant. Combined with the $1.15 million settlement with Chiyoda, the Yazaki deal raises the total amount of settlements in the suit to nearly $257 million, according to Wednesday’s motion seeking preliminary approval of the latest deals.