NSK (Nippon Seiko) announced that it had reached a settlement with a portion of its accusers in the class action lawsuit filed in the United States pertaining to alleged price cartel-activities for the sale of shaft bearing components.
The class action suit filed by automotive dealers and buyers against NSK alleged that the company had in effect created a price cartel regarding the sale of shaft bearing components and that it was limiting market competition. The suit was filed with the US District Court of Eastern Michigan asking for a cease and desist of the alleged practices as well as indemnities to be paid.
NSK, upon negotiating with a portion of its accusers, has reached the agreement that a speedy settlement will be the most beneficial route to take, and will pay a sum of $34,500,000 USD to a portion of its accusers.
This lawsuit comes in the wake of a US Department of Justice investigation undertaken in July of 2011. After said investigation was concluded, there have been no other indications of the company engaging in any illegal activities.
NSK commented that â€œWe accept this lawsuit with dignity, and while we have worked to prevent this kind of practice from reoccurring. That being said, we are currently in the midst of restructuring our established compliance practices, improving our internal systems, and education of employees regarding these alleged practices.â€
[Translated by Bryce Clarke]