Robert Bosch GmbH to plead guilty to price fixing in U.S.

Resource from: Reuters via Yahoo! Finance Likes:239

Apr 01,2015

WASHINGTON, March 31 (Reuters) - German-based auto parts company Robert Bosch GmbH agreed to plead guilty to fixing the prices of spark plugs and other auto parts, the U.S. Justice Department said on Tuesday. The company agreed to pay a criminal fine of $57.8 million. The company's settlement is the most recent in a long list of auto parts makers - 34 in total - who have pleaded guilty or agreed to plead guilty to fixing prices of more than 30 types of car parts, including seat belts, ball bearings, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components. Robert Bosch is accused of rigging bids for spark plugs, oxygen sensors and starter motors sold to Ford Motor Co, General Motors Co, and others between 2000 and 2011, the Justice Department said. Car makers generally put out "requests for quotation" to parts makers about three years before they are needed, and the parts companies then bid to supply them, according to the complaint. In this case, the parts makers, Robert Bosch among them, agreed which bids and price quotations would be sent to certain engine and car makers, the Justice Department said in its release. The department did not name the other companies. "Collusion related to automotive parts was global in nature as are our efforts to hold responsible companies and individuals accountable for the resulting harm to U.S. consumers and businesses," said Deputy Assistant Attorney General Brent Snyder of the Antitrust Division's Criminal Enforcement Program. The case is United States of America v. Robert Bosch, GmbH and is in the U.S. District Court for the Eastern District of Michigan. It is case No. 15-20197.

(Reuters via Yahoo! Finance)

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