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Thursday, September 3, 2015

Japan's NGK Insulators to pay $65.3 million over price-fixing, (NYSE: TM)

Japan's NGK Insulators Ltd has agreed to pay $65.3 million for fixing the prices of parts supplied to car makers and plead guilty to criminal charges, the U.S. Justice Department said on Thursday.The charges include obstruction of justice, based on attempts to stymie the Justice Department probe by destroying or changing documents, the government and the company said.The conspiracy ran from about 2000 to 2010, with parts sold to General Motors Co, Toyota Motor Corp and Nissan Motor Co Ltd, the government said. Japan's Nikkei reported that the Justice Department was expected to prosecute the company's former president and two others in connection with the price-fixing plea deal.

TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. Shares of TM traded higher by 1.69% or $1.99/share to $119.61. In the past year, the shares have traded as low as $108.40 and as high as $145.80. On average, 290714 shares of TM exchange hands on a given day and today's volume is recorded at 352543.