A Japanese manufacturer of instrument panel clusters is the latest to feel the wrath of the U.S. Department of Justice, albeit getting off rather lightly in comparison with its fellow Japanese miscreants. Japan-based Nippon Seiki Co. (Nagoka) was fined $1 million for its role in a price-fixing conspiracy that lasted from at least as early as April 2008 until at least February 2010.
According to a statement on its website, Nippon Seiki said it would cut executive level salaries by 15-20% for a period of two months to punish management for the episode. It also stated that it had prepared a manual and would require its management to undergo continued training in order to prevent a recurrence.
According to a one-count felony charge filed today in the U.S. District Court for the Eastern District of Michigan in Detroit, Nippon Seiki engaged in conspiracies to rig bids for, and to fix, stabilize, and maintain the prices of instrument panel clusters sold to an automaker in the United States and elsewhere.