Nine Japan-based companies and two executives agreed to plead guilty to conspiring to fix the price of car parts sold to US car manufacturers.
They will pay a combined $740m (£462m) in criminal fines to US authorities.
According to the US Department of Justice, the firms sought to fix the prices of more than 30 different products.
More than $5bn worth of parts were then sold to US manufacturers like Chrysler, Ford, and General Motors.
The Japanese rigged the market so that prices are fixed. Yet more proof we don’t have a free market. Isn’t Capitalism grand? But of course, the car companies don’t really pay the cost for this – they just passed it along to working people who had to pay more for a car. Working and middle class citizens have been fleeced out of billions over years. Of course, what has BHO done about it? Nothing. To add further insult to injury, the executives that have been caught and “punished” have barely faced a slap on the wrist:
The two executives are Tetsuya Kunida, a Japanese citizen, and Gary Walker, a US citizen. Both will pay $20,000 fines.