Furukawa, Mitsubishi To Pay $19.6M To End Antitrust Claims
In 2011, the U.S. Department of Justice and Japanese and European authorities began a joint investigation into price-fixing of wire harness products by Japanese automotive parts suppliers.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. The direct purchasers have since reached agreements with a number of companies, all of which have been approved by the court, totaling more than $102.7 million.
This month, the list of settlements has expanded to include a $19 million deal with Furukawa Electric Co. and a $680,320 deal with Mitsubishi Electric. Both have also agreed to help the direct purchasers with their litigation against their last remaining defendant group, Denso Corp.
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.