Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Japanese computer parts maker NHK Spring pleads guilty to price-fixing, agrees to fine
Source: Reuters
TECHNOLOGY NEWS JULY 29, 2019 / 6:31 PM / UPDATED 3 HOURS AGO
Japanese computer parts maker pleads guilty to price-fixing, agrees to fine
Bryan Pietsch
1 MIN READ
WASHINGTON (Reuters) - A Japanese electronics part maker agreed to pay $28.5 million for its role in a price-fixing scheme, the U.S. Department of Justice said on Monday.
NHK Spring Co Ltd pleaded guilty in U.S. district court in Michigan to a felony charge of conspiring with others, who were unnamed, to fix prices and refrain from price competition, according to a Justice Department press release.
The Japanese manufacturer of suspension assemblies used in hard disk drives used pricing information shared with rivals as the basis for negotiations with customers in the United States and overseas, the Justice Department said.
-snip-
Japanese computer parts maker pleads guilty to price-fixing, agrees to fine
Bryan Pietsch
1 MIN READ
WASHINGTON (Reuters) - A Japanese electronics part maker agreed to pay $28.5 million for its role in a price-fixing scheme, the U.S. Department of Justice said on Monday.
NHK Spring Co Ltd pleaded guilty in U.S. district court in Michigan to a felony charge of conspiring with others, who were unnamed, to fix prices and refrain from price competition, according to a Justice Department press release.
The Japanese manufacturer of suspension assemblies used in hard disk drives used pricing information shared with rivals as the basis for negotiations with customers in the United States and overseas, the Justice Department said.
-snip-
Read more: https://www.reuters.com/article/us-usa-pricefixing/japanese-computer-parts-maker-pleads-guilty-to-price-fixing-agrees-to-fine-idUSKCN1UO2CL
______________________________________________________________________
Source: U.S. Department of Justice
FOR IMMEDIATE RELEASE
Monday, July 29, 2019
Japanese Manufacturer Agrees to Plead Guilty to Fixing Prices for Suspension Assemblies Used in Hard Disk Drives
Company Agrees to Pay $28.5 Million Criminal Antitrust Fine
NHK Spring Co. Ltd. (NHK Spring), a Japanese manufacturer of suspension assemblies used in hard disk drives, has agreed to plead guilty for its role in a global conspiracy to fix prices, the Department of Justice announced today.
According to a one-count felony charge filed today in the U.S. District Court for the Eastern District of Michigan in Detroit, NHK Spring reached agreements with co-conspirators to refrain from price competition and allocate their respective market shares for suspension assemblies used in hard disk drives. Pursuant to their agreements not to compete, NHK Spring and its co-conspirators exchanged pricing information including anticipated pricing quotes, which they used to inform their negotiations with U.S. and foreign customers that purchased suspension assemblies and produced hard disk drives for sale in, or delivery to, the U.S. and elsewhere. NHK Spring participated in the conspiracy from at least as early as May 2008 and continuing until at least April 2016. Subject to court approval, the company has agreed to plead guilty, to pay a $28.5 million criminal fine, and to cooperate in the ongoing investigation.
“Today’s charge affirms the Antitrust Division’s commitment to eradicate price fixing by companies, foreign or domestic,” said Assistant Attorney General Makan Delrahim of the Antitrust Division. “While these parts are physically small, they are critical to the operation and performance of electronic devices, and their impact on American consumers and businesses is direct and substantial.”
“The FBI will aggressively investigate price-fixing schemes to ensure American businesses and consumers are not negatively impacted,” said Assistant Director of the FBI’s Criminal Investigative Division Robert Johnson. “Our international corruption squads will pursue these cases at home or abroad in order to uncover this type of illegal activity. No one should underestimate the broad reach of the FBI.”
-snip-
Monday, July 29, 2019
Japanese Manufacturer Agrees to Plead Guilty to Fixing Prices for Suspension Assemblies Used in Hard Disk Drives
Company Agrees to Pay $28.5 Million Criminal Antitrust Fine
NHK Spring Co. Ltd. (NHK Spring), a Japanese manufacturer of suspension assemblies used in hard disk drives, has agreed to plead guilty for its role in a global conspiracy to fix prices, the Department of Justice announced today.
According to a one-count felony charge filed today in the U.S. District Court for the Eastern District of Michigan in Detroit, NHK Spring reached agreements with co-conspirators to refrain from price competition and allocate their respective market shares for suspension assemblies used in hard disk drives. Pursuant to their agreements not to compete, NHK Spring and its co-conspirators exchanged pricing information including anticipated pricing quotes, which they used to inform their negotiations with U.S. and foreign customers that purchased suspension assemblies and produced hard disk drives for sale in, or delivery to, the U.S. and elsewhere. NHK Spring participated in the conspiracy from at least as early as May 2008 and continuing until at least April 2016. Subject to court approval, the company has agreed to plead guilty, to pay a $28.5 million criminal fine, and to cooperate in the ongoing investigation.
“Today’s charge affirms the Antitrust Division’s commitment to eradicate price fixing by companies, foreign or domestic,” said Assistant Attorney General Makan Delrahim of the Antitrust Division. “While these parts are physically small, they are critical to the operation and performance of electronic devices, and their impact on American consumers and businesses is direct and substantial.”
“The FBI will aggressively investigate price-fixing schemes to ensure American businesses and consumers are not negatively impacted,” said Assistant Director of the FBI’s Criminal Investigative Division Robert Johnson. “Our international corruption squads will pursue these cases at home or abroad in order to uncover this type of illegal activity. No one should underestimate the broad reach of the FBI.”
-snip-
Read more: https://www.justice.gov/opa/pr/japanese-manufacturer-agrees-plead-guilty-fixing-prices-suspension-assemblies-used-hard-disk
