Five Companies Charged in Auto Parts Price Fixing
Auto Parts Price Fixing
Companies which purchased certain automotive products in their operations may have legal recourse in light of reports that they have been overcharged as part of an admitted price-fixing scheme. The U.S. Department of Justice has launched an antitrust investigation into the auto parts industry, and five companies, including Yazaki, Denso and G. S. Electech, have already been charged with rigging bids and price fixing certain auto parts between Jan. 2006 and Feb. 2010. If your business has purchased any of the following products in its operations, you may be able to seek monetary damages through an antitrust lawsuit.
- Yazaki Instrument Panel Clusters
- Yazaki Fuel Senders
- Denso Electronic Control Units (ECU)
- Denso Heater Control Panels
- G.S. Electech Speed Sensor Wire Assemblies
Have you purchased any of these auto parts for your business? Find out if you can seek compensation through an antitrust lawsuit by completing our free case review form today.
Description of Products Under Investigation
Price fixing occurs when business competitors agree to set their prices to buy or sell goods at a certain price point, and is illegal under U.S. antitrust laws due to its harmful effect on competition and consumers. The following are among the products which were reportedly implicated in the price fixing scheme:
Yazaki Instrument Panel Clusters: The mounted array of instruments and gauges housed in front of the driver of an automobile. Also known as meters.
Yazaki Fuel Senders: These can be found in the fuel tank of an automobile and measure the amount of fuel in the tank.
Denso Electronic Control Units (ECU): An embedded system that controls one or more of the electronic systems or subsystems in a motor vehicle.
Denso Heater Control Panels: These are found in the center console of an automobile and control the temperature of the interior environment of a vehicle.
G.S. Electech Speed Sensor Wire Assemblies: These are installed on cars with Antilock Brake Systems. The speed sensor wire assemblies connect a sensor on each tire to the ABS and carry electrical signals from the sensors to the ABS to tell it when to engage.
These companies have already pled guilty to the charges against them and, along with Furukawa Electric Co., have been ordered to pay a combined fine of $750 million.
Price fixing of automotive parts can cause great harm to consumers by forcing them to pay more for products and by depriving them of the benefits of competition. Enacted to prohibit price fixing, antitrust laws can save consumers billions in illegal overcharges by ensuring that the public benefits from competitive prices for the products they elect to purchase. If your business has purchased any of the aforementioned auto parts in its operations, ClassAction.org would like to hear from you to assist in its investigation into this potential antitrust lawsuit against these auto part producers. To find out if you can seek damages in light of this price fixing scheme, fill out our free, no obligation case review form today.