DOJ Socks Toyo With $120 Million Fine - Tire Review Magazine

DOJ Socks Toyo With $120 Million Fine

Toyo Tire & Rubber Co. was hit with a $120 million fine in a plea deal over alleged price fixing. In addition to the fine, certain Toyo executives will take a hit on their compensation, the company reported.

The plea deal with the U.S. Justice Department, announced Nov. 26, came after months of investigation on claims of price fixing of more than 30 types of car parts. The Justice Department said that Toyo admitted to conspiring to fix the prices of anti-vibration parts sold to Toyota, Nissan and Subaru parent Fuji Heavy Industries., as well as CV joint boots sold to OE supplier GKN Inc.

Toyo is among 22 companies that have pleaded guilty or agreed to plead guilty in connection with the probe. Nearly 30 executives of the various companies have also been charged.

Toyo said in a statement that the company has “been fully cooperating with the DOJ’s investigation, and made this decision after careful consideration of the applicable laws, and the results of the findings from the investigation.”

In addition to the corporate fine, certain unnamed Toyo executives will be penalized by the company.

In its statement, the company said, “To express their remorse and to demonstrate their commitment to compliance with the laws, the directors and corporate officers of Toyo will voluntarily forfeit a portion of their compensation as follows: Representative Directors 30% for three months; other members of the board 20% for three months; outside director and corporate officers 10% for one to three months.”

Additionally, the corporate auditors will voluntarily forfeit a portion of their compensations.

You May Also Like

Yokohama Rubber reveals 2024 motorsports activity plan

Yokohama said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands.

Yokohama-Nitrocross

Yokohama Rubber revealed its motorsports activity plan for 2024. The company said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands and is again participating in a wide variety of motorsports events around the globe, from top-category to grassroots events.

Yokohama Rubber will again supply its Advan tires to many teams participating in motorsports events, such as Japan’s Super GT, the Nürburgring 24-Hour Race and the Pikes Peak International Hill Climb. Yokohama Rubber’s GeoLandar tires will be supplied to teams participating in off-road races in North America and Asia, including the Baja 1000, King of the Hammers, the Mint 400 and the Asia Cross Country Rally.

TIA’s Advanced Farm Tire Service training to take place in June

The training class for technicians in the agricultural and farm tire industries is set to take place June 11-14.

TIA_training-
Maxxis-sponsored athletes make podium, overall top 10 at Mint 400

Maxxis athletes Michael McFayden, Ethan Ebert and Trey Gibbs had podium finishes at the Mint 400 on Maxxis RAZR XT tires.

2024-mint400-maxxis
Sun Auto Tire reveals winner of Ford Bronco Sport giveaway

Lowell Anderson entered the giveaway at his local Sun Auto Tire & Service store while receiving a routine oil change.

Sun-Auto-Bronco-giveaway
Nokian Tyres holds bracket challenge on worst roads in North America

In 2023, the tiremaker’s audience voted Quebec as the province or state with the worst road conditions on the continent.

Pothole-Protection-from-Nokian-Tyres

Other Posts

Gallery: 2024 Big O Tires conference and convention

Highlights from this year’s Big O Tires conference and convention, featuring a general session, trade show and breakout sessions.

Gary-Skidmore
Bridgestone’s Firestone Liberia rubber farm receives ISCC Plus recognition

According to Bridgestone, its Liberia facility earned the ISCC Plus certification for its efforts in reducing environmental impacts.

Firestone_Liberia
Ascenso Tires adds new OEM sales manager

Douglas Duesing has more than ten years of experience working in agriculture, construction and mining OEMs.

Ascenso-Douglas-Duesing-1400
Nexen Tire Motorsports drivers earn top placements at King of the Hammers

Nexen Tire Motorsports partnered with drivers across a variety of racing series both on- and off-road, including King of the Hammers.

Nexen-KOH