Japanese spark plug giant NGK pleads guilty to price fixing, to pay $52M fine

Japanese spark plug giant NGK pleads guilty to price fixing, to pay $52M fine

August 21, 2014 by · Leave a Comment 

Filed under: Maintenance , Government/Legal , Chrysler , Honda , Toyota The ongoing investigation by the Department of Justice into price fixing in the automotive industry has nabbed one more company breaking the law. Japanese parts giant NGK Spark Plug Company agreed to plead guilty to a felony count of pricing fixing and bid rigging in the in the US District Court in Detroit. Its punishment is a $52.1 million criminal fine and to continue to cooperate with the DOJ’s sleuthing into the problem. According to the DOJ, NGK conspired to fix prices on spark plugs, standard oxygen sensors, and air fuel ratio sensors on vehicles from major automakers in the US, including the former DaimlerChrysler , Honda and Toyota , in a scheme that ran from at least January 2000 to July 2011. The charge claimed that the company and its co-conspirators held meetings where they agreed on bids and price quotes that were submitted to the automakers. With the latest plea, the DOJ has caught 28 companies and 26 executives for price-fixing and bid rigging in the auto parts industry, and they have collected $2.4 billion in criminal fines. In 2013, the feds brought nine Japanese suppliers down at once, to collect $740 million. Scroll down to read the DOJ’s complete announcement of the case. Continue reading Japanese spark plug giant NGK pleads guilty to price fixing, to pay $52M fine Japanese spark plug giant NGK pleads guilty to price fixing, to pay $52M fine originally appeared on Autoblog on Wed, 20 Aug 2014 18:00:00 EST. Please see our terms for use of feeds .

Toyota’s $1.6B unintended acceleration settlement approved

Toyota’s $1.6B unintended acceleration settlement approved

July 21, 2013 by · Leave a Comment 

Filed under: Government/Legal , Safety , Toyota , Earnings/Financials Toyota is now one step closer to putting its unintended acceleration woes behind it as it has received approval from the US District Court for the Central District of California to settle loss-of-value claims to vehicles associated with the 2009-2010 recalls. As we reported back in May , the Toyota settlement is worth $1.63 billion, which, according to Bloomberg , includes a payout of $757 million to affected owners, $227 million to attorneys and an additional $875 million for vehicle upgrades. (We did the math, too, and that totals $1.859 billion, but there is no justification for the discrepancy. Fuzzy math, eh?) Based on the estimated 22.6 million vehicles said to be included in this suit, that would make the average payment about $33.49 per vehicle, but the article says that owners, lessees and even renters will receive varying amounts ranging from $9.74 up to as much as $10,000. This settlement does not affect suits filed for personal injury or wrongful death. Toyota’s $1.6B unintended acceleration settlement approved originally appeared on Autoblog on Sat, 20 Jul 2013 15:05:00 EST. Please see our terms for use of feeds . Permalink

Toyota hacked by ex-IT worker, sensitive info stolen

Toyota hacked by ex-IT worker, sensitive info stolen

August 28, 2012 by · Leave a Comment 

Filed under: Government/Legal , Hirings/Firings/Layoffs , Technology , Toyota , India According to Toyota , a former employee has hacked into its computer systems and stolen sensitive information. According to an Automotive News report, Toyota filed a complaint with the U.S. District Court in Lexington, Kentucky late last week. The complaint was filed against former IT contractor Ibrahimshah Shahulhameed, who Toyota says was fired on August 23. According to the filing, Toyota indicates Shahulhameed logged on to its system the evening of his firing and downloaded and printed trade secrets. One result of the filing is that Toyota has acquired a restraining order against Shahulhameed, prohibiting him from leaving the United States or disseminating the information that Toyota says is ill-gotten company property. The specific area that was hacked was ToyotaSupplier.com, a site where the automaker’s suppliers exchange highly sensitive information with Toyota about both current and future products. Toyota states that it will continue to investigate the security breach and do not yet know exactly what has happened with the confidential information. There is the possibility that it may have changed hands, but according to a Toyota manufacturing spokesman, “It’s too early to speculate on what-if’s.” According to the court documents, Shahulhameed is an Indian citizen who was living in Georgetown, Kentucky, and was apparently about to leave for his native India. Toyota hacked by ex-IT worker, sensitive info stolen originally appeared on Autoblog on Tue, 28 Aug 2012 10:58:00 EST.

Tweeter button Facebook button Youtube button