20 Jul 2013

Panasonic fined for price-fixing

12:18 pm on 20 July 2013

Panasonic and a subsidiary have agreed to plead guilty to accusations of price-fixing.

The US Department of Justice said in a statement on Friday that Panasonic had agreed to pay a fine of $45.8 million and Sanyo will pay $10.7 million.

Other companies include LG Chem of South Korea, which will pay a fine of $US1.1 million.

The BBC reports the accusations related to car parts and notebook computer batteries. Panasonic was accused of conspiring to fix the prices of switches for steering wheels, turn signals and windscreen wipers.

The department said the price-fixing took place from September 2003 - February 2010.

The accusations against Sanyo and LG Chem involved lithium ion battery cells used in notebook computer battery packs.