Current Issue

News briefs

Comments Email

Former executive receives prison time, $20,000 fine

TOLEDO, Ohio—A former executive with Japan-based supplier Toyoda Gosei Co. Ltd. has agreed to plead guilty to a conspiracy charge and serve just more than a year in prison for his role in fixing the price of automotive hoses sold to Toyota Motor Corp.

Makoto Horie, who once served as senior vice president of sales for Toyoda Gosei, pleaded guilty to the single count of conspiracy filed in U.S. District Court in Toledo, the U.S. Justice Department said.

Under the plea agreement, Horie will serve one year and one day in prison and pay a $20,000 fine, the department's antitrust division said.

The plea agreement is notable because, in similar past cases, as many as 20 Japanese supplier executives have remained in Japan and avoided U.S. prosecution. So far, there have been no reports of the U.S. seeking to extradite those individuals.

So far, 49 individuals and 32 companies have been charged in the government's ongoing investigation.

Apollo, Cooper drop court claims over breakup fees

DOVER, Del.—Apollo Tyres Ltd. and Cooper Tire & Rubber Co. have decided to give up their claims and counterclaims for breakup fees pertaining to the firms' failed merger in 2013.

The companies waived their claims in an order issued by the Delaware Chancery Court Dec. 17.

Apollo said it was “pleased” with the development, which “brings to a conclusion all the legal action that had been initiated against Apollo, which had consistently and diligently attempted to resolve all the issues that came up, to close the deal as per agreement.”

Cooper also said it is “pleased” to have this litigation behind it as it moves forward with a focus on its customers and growing its business around the world.

Cooper noted that “neither company will pursue any further claims against the other related to the former merger agreement.”

According to a statement by Apollo, Cooper “has expressly given up all its claims against Apollo.”