TRENDING NOW: Largest known comet ever discovered, and we will be able to see it

Panasonic hit with $56.5 million fine over price fixing, multiple execs to serve jail time

Panasonic slapped with $56.5 million fine over price fixing on laptop battery packs and auto parts.

@anthony256
Published Sun, Jul 21 2013 6:24 AM CDT   |   Updated Tue, Nov 3 2020 12:21 PM CST

This has been going on for a while now, but judgment has finally been served in the Panasonic price fixing case. Panasonic will plead guilty to US government charges that see the Japanese company falling on their sword over price fixing in two huge markets.

Panasonic hit with $56.5 million fine over price fixing, multiple execs to serve jail time | TweakTown.com

The first, is the laptop battery pack market and the second is auto parts. Panasonic have agreed to pay $56.5 million in fines for the two separate conspiracies, with 15 executives at several companies will be facing jail time as part of the deal. Hopefully you're sitting down for this one, but Panasonic's price fixing has been going on for quite some time in the auto parts industry, dating back to 1998.

Panasonic have been working with other companies behind closed doors in order to "fix, stabilize and maintain the prices" of lighting equipment sold to manufacturers such as Honda, Mazda and Nissan. The Japanese company also worked with other corporations where price fixing was applied to switches and sensors for auto steering wheels, doors, wipers, turn signals and other parts of a car's control system that were sold to fellow Japanese company Toyota.

The Justice Department have said that the price fixing conspiracy took place between 2003 to 2010. The auto market wasn't the only one that was controlled by Panasonic's price fixing tentacles, with another Japanese company, SANYO Electric, charged working with LG Chem to fix the prices of cylindrical lithium ion battery packs for laptop computers worldwide - it is worth noting that Panasonic acquired SANYO Electric in 2009 for $4.5 billion.

NEWS SOURCE:theverge.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles