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Panasonic Fined $49M In Fridge Component Price-Fixing

Osaka, Japan – Panasonic Corp. has entered into a plea agreement
with the U.S. Department of Justice (DOJ) over claims of anticompetitive

The company said it has agreed to pay $49.1 million in fines to
resolve charges that its household refrigerator compressor business unit engaged
in price fixing with other compressor manufacturers.

The DOJ has been investigating pricing practices of compressor
manufacturers since February 2009, and Panasonic has cooperated fully in this
investigation, the company said.

The fine will have no material effect on the financial outlook
for the fiscal year ending March 31, 2011, Panasonic said.