Price Fixing News
Staff -- Purchasing, 9/2/2004 2:00:00 AM
Bayer AG pleaded guilty in a rubber price-fixing case and agreed to pay a $65 million fine. Bayer became the second company to plead guilty in the Justice Department case after Crompton Corp. agreed to pay a $50 million fine in May. According to Justice Department officials, these two companies and others were fixing prices for additives and fillers used to improve the elasticity, strength and durability of rubber products. "Today's plea is an important step in our prosecution of a cartel that harmed millions of American consumers who use a broad spectrum of products manufactured with rubber chemicals," said R. Hewitt Pate, assistant attorney general for the Justice Department's antitrust division, in a statement.
The ongoing probe of computer chipmakers has taken its financial toll. U.S. officials are currently looking into whether Infineon worked with other chipmakers Samsung, Micron Technology, and Hynix Semiconductor to fix prices on the spot market. The European Commission in April 2003 opened an inquiry into practices in the market. German firm Infineon reported an unexpected quarterly loss after increasing the amount in a fund for possible fines from $35 million to $263 million.
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