Auto parts probe just starting: lawyer
Oct 28, 2011 | 03:56 PM
| Corinna Petry
CHICAGO The federal antitrust investigation into allegations of price-fixing and bid-rigging in the automotive parts industry is just beginning, according to an attorney in Detroit, the epicenter of the burgeoning scandal.
Lawyers who spoke during a Society of Automotive Analysts seminar outlined what auto parts suppliers can do to prepare for a possible Federal Bureau of Investigation raid of their offices and homes.
The investigation has already implicated Furukawa Electric Co. Ltd., which reached a plea agreement Sept. 29 with the U.S. Department of Justice. According to felony charges filed in U.S. District Court in Michigan, Tokyo-based Furukawa and three executives took part in a conspiracy to rig bids and to fix the prices of automotive wire harnesses and related products sold to customers in the United States and elsewhere (AMM, Oct. 3). Furukawa agreed to plead guilty and....
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