LAWSUITS NEWS & LEGAL INFORMATION
Corning to Pay $66.5M in Price Fixing Settlement
This is a settlement for the Antitrust lawsuit.
Santa Clara, CA: A $66.5 million settlement has been reached ending allegations of price fixing brought against Corning International Kabushiki Kaisha (Corning International K.K.) by The Justice Department.
The antitrust charges included price-fixing, bid–rigging and allocation of markets for ceramic substrates sold in the United States. According to allegations, from as early as July 1999 until about July 2011, Corning International fixed bids on ceramic substrates that were installed in automotive emission control systems. These systems were then supplied to automobile manufacturers such as Ford, General Motors and Honda.
"Corning International K.K. – and Nobuhiko Niwa, its former executive, who was indicted last week – spent more than a decade colluding on sales of an important component of emissions systems for use in cars made and sold in the United States and elsewhere,"said a representative from the Justice Department' Antitrust Division. Corning International K.K.'s conspiracy to rig bids and fix prices brought the company increased revenues at a cost to auto manufacturers, suppliers and, ultimately, consumers, the agency stated.
Published on May-19-16
The antitrust charges included price-fixing, bid–rigging and allocation of markets for ceramic substrates sold in the United States. According to allegations, from as early as July 1999 until about July 2011, Corning International fixed bids on ceramic substrates that were installed in automotive emission control systems. These systems were then supplied to automobile manufacturers such as Ford, General Motors and Honda.
"Corning International K.K. – and Nobuhiko Niwa, its former executive, who was indicted last week – spent more than a decade colluding on sales of an important component of emissions systems for use in cars made and sold in the United States and elsewhere,"said a representative from the Justice Department' Antitrust Division. Corning International K.K.'s conspiracy to rig bids and fix prices brought the company increased revenues at a cost to auto manufacturers, suppliers and, ultimately, consumers, the agency stated.
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