Lear settles price-fixing lawsuit for USD8.75 mil.
Agreement means a USD4.75-million payout to the other auto companies that bought the parts at colluded prices, USD3 million to car-buyer plaintiffs, and about USD1 million to auto dealerships.
Later this month, Lear will ask a bankruptcy court judge in New Tork to approve an USD8.75-million settlement in a Detroit lawsuit involving auto-supplier price-fixing. The payment is to resolve accusations that it was part of a large conspiracy to boost prices of wire harness components between 2000 and 2010. This relates to civil cases from a massive global criminal investigation into price fixing that is ongoing in Europe, Asia, and North America. Some USD2.29 billion in fines have been levied by US courts alone. The US Justice Department says 33 people have been charged and 26 companies have pled guilty or agreed to do so.
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