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Tuesday, November 26, 2013

Toyo Tire fined $120 million for price-fixing -U.S. Justice Dept, (NYSE: TM)

Japan's Toyo Tire & Rubber Co Ltd has agreed to plead guilty to fixing some auto parts prices and pay a $120 million criminal fine, the U.S. Justice Department said on Tuesday.The Justice Department and antitrust enforcers worldwide have been investigating price fixing of more than 30 types of car parts, including seatbelts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.Toyo, which has subsidiaries in Kentucky and Georgia, has also agreed to cooperate with the investigation, the department said in a statement.Toyo admitted to conspiring to fix the prices of anti-vibration rubber parts sold to Toyota Motor Corp, Nissan Motor Corp and Fuji Heavy Industries Ltd , which makes Subaru cars.

TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. Shares of TM fell by 0.53% or $-0.67/share to $124.93. In the past year, the shares have traded as low as $83.80 and as high as $134.94. On average, 354262 shares of TM exchange hands on a given day and today's volume is recorded at 291576.