Automobile owners and lessees reached a $14 million settlement with auto parts maker Showa Corp. in a class action alleging that Showa was involved in a long-running scheme to fix the prices of powered steering assemblies and shock absorbers. The Japanese company settled with a proposed end-payor class that includes anyone in the U.S. who purchased or leased vehicles containing the parts or who indirectly purchased the products as replacement parts.
Attorneys for the class said they have now reached deals worth a total of $1.2 billion across the broader multidistrict litigation centered on price fixing and bid rigging in the auto parts industry.
The settlement is the latest in the that was started after a U.S. Department of Justice antitrust investigation into price-fixing and bid-rigging in the auto parts industry, a probe that was launched around 2010 in conjunction with Japanese and European authorities. In the U.S., officials have levied more than $2.9 billion in fines and secured the convictions of dozens of companies and individuals for activity covering dozens of auto parts.
Stoll Berne represents the Oregon class representative.
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