News / JTEKT Will Pay $62.5m To Exit Auto Parts Price-Fixing Class Action
Date: 2016-10-15
JTEKT Will Pay $62.5m To Exit Auto Parts Price-Fixing Class Action
Dealer New Cars Stock. Colorful Brand New Compact Vehicles For Sale Awaiting on the Dealer Parking Lot. Car Market Business Concept.JTEKT Corp. will reportedly pay $62.5 million to settle allegations it participated in a massive conspiracy to fix the price of automotive parts, including automotive bearings and electric powered steering assemblies.
The proposed settlement will only resolve claims brought by end-payor plaintiffs. JTEKT notes that claims brought by other plaintiffs are still pending.
JTEKT joins the growing list of automotive parts companies that have reached price-fixing class action settlements. According to the plaintiffs’ attorneys, the settlements have so far resulted in more than $650 million for end-payor plaintiffs.
The auto parts price-fixing class action lawsuits were filed following a massive investigation by the U.S. Department of Justice.
So far, the DOJ investigation has resulted in more than $2.5 billion in fines and executives from dozens of companies have pleaded guilty to antitrust charges.
The auto parts price-fixing scheme reportedly affected products that were sold to the biggest car manufacturers in the United States, including Chrysler, Ford and General Motors. Numerous companies have been implicated in the scheme.
In August, Furukawa Electric Co. agreed to pay $42.5 million to escape the auto parts price-fixing class action lawsuit. Other settling defendants include Fujikura Ltd. and T.Rad Co. Ltd., which reached a settlement in August 2015, and Nippon Seiki Co. Ltd., which reached a settlement in January 2014.
Although many auto parts makers have already agreed to settlements, there are still dozens of non-settling defendants involved in the litigation.
More information about the JTEKT class action settlement was not immediately available. However, a website has been established with information about all of the auto parts price-fixing settlements that have been reached.
The claims period is not yet open, but you can register to receive updates about the settlements and any other settlements that have been reached.
According to the settlement notice, Class Members generally include consumers who bought or leased a new motor vehicle in the United States between 1998 and 2015 or who indirectly paid for a motor vehicle replacement part.
The specific definition of a Class Member may vary somewhat depending on the auto part at issue and the state in which the automobile or auto part was purchased.
Top Class Actions will also post settlement updates as they become available. For the latest updates, keep checking TopClassActions.com or sign up for our free newsletter. You can also receive notifications when this article is updated by using your free Top Class Actions account and clicking the green “Follow Article” button at the top of the post.
The end-payor plaintiffs are represented by Cotchett Pitre & McCarthy LLP, Robins Kaplan LLP, Susman Godfrey LLP and The Miller Law Firm PC.
The automobile dealer plaintiffs are represented by Cuneo Gilbert & Laduca LLP, The Miller Law Firm PC and Mantese Honigman Rossman & Williamson PC.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"TradeBearings".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
