Toyo reaches settlement in price-fixing case
Detroit, Michigan – Toyo Tire & Rubber Co. is among the latest auto parts companies that have agreed pay multi-million-dollar settlements to resolve allegations that they fixed prices and rigged bids.
Automotive dealer plaintiffs filed a proposed settlement 12 Oct with the US district court before the eastern district of Michigan in which Toyo would pay $11.4 million to resolve claims regarding alleged price fixing in the sale of rubber anti-vibration parts.
Toyo also agreed to offer total cooperation with the ongoing litigation, including witness interviews and depositions, and production of documents, according to the agreement.
In December 2013, Toyo pleaded guilty to two separate conspiracies involving anti-vibration parts, and agreed to pay a fine of $120 million.
Toyo officials could not be reached for comment.
Bridgestone, meanwhile, agreed to pay $29.6 million to settle a multidistrict litigation suit alleging that the company fixed prices and rigged bids in the sale of rubber automotive anti-vibration parts.
End-payor plaintiffs (EPPs) in the Bridgestone case filed the agreement 9 Oct before the US district court before the eastern district of Michigan.