Panasonic Fined $49M In Fridge Component Price-Fixing - Twice

Panasonic Fined $49M In Fridge Component Price-Fixing

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

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.

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