...Whirlpool Execs Charged In Price-Fixing Sting
by Mark Brush, 9/28/11
The U.S. Department of Justice announced that a federal grand jury in Detroit has indicted three former executives from a Whirlpool Corporation subsidiary, a Panasonic Corporation, and a Tecumseh Products Company subsidiary for conspiring to fix prices on refrigerant compressors.
The compressors are used in refrigerators and freezers...
...Sharis A. Pozen, Acting Assistant Attorney General from the DOJ's Antitrust Division said:
“Cracking down on international price fixing cartels has been and will continue to be among the most significant priorities for the Antitrust Division. Our investigation into the refrigerant compressors industry has already resulted in two companies – Panasonic and Embraco North America – pleading guilty and paying a total of $140.9 million in criminal fines. Our investigation is continuing.”
The three are being charged for price fixing under the Sherman Act. The maximum penalty they each face is 10 years in prison and a $1 million fine.