Auto parts price-fixing probe rattles industry, according to The Detroit News.
An investigation into price-fixing and bid-rigging in the auto parts industry has mushroomed into the Justice Department’s largest criminal antitrust probe ever, and it’s not over yet.
The investigation, made public four years ago with FBI raids in the Detroit area, has led to criminal charges against dozens of people and companies, stretched across continents and reverberated through an industry responsible for supplying critical car components.
The collusion has also saddled U.S. drivers with millions of dollars in extra costs.
“It’s a very, very safe assumption that U.S. consumers paid more, and sometimes significantly more, for their automobiles as a result of this conspiracy,” Brent Snyder, a deputy assistant attorney general in the antitrust division, said in an interview.
So far, 34 individuals have been charged and 27 companies have pleaded guilty or agreed to do so, the Justice Department says. Collectively, they have agreed to pay more than $2.3 billion in fines. New cases have arisen with regularity, with Attorney General Eric Holder promising last September that investigators “would check under every hood and kick every tire.”