DETROIT—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 Oct. 12 with the U.S. 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.
“We are pleased to have reached a settlement in this matter, which involved conduct that occurred many years ago," a spokesperson for Toyo said. "Toyo Tires is committed to the continued enhancement of its compliance programs to ensure that its business is conducted with the utmost integrity.”
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 Oct. 9 before the U.S. District Court before the Eastern District of Michigan.