Automotive-parts supplier JTEKT Corp. agreed to pay $62.5 million to settle class-action lawsuits over price-fixing allegations.
JTEKT will pay $47.5 million to U.S. consumers, the company said Wednesday, and the remaining $15 million is expected to be paid to dealerships in two suits.
The two suits are the result of individual plaintiffs who decided to combine cases on behalf of consumers and dealerships, saying they paid inflated vehicle prices because the supplier fixed original parts prices. The combined civil suits were filed in December 2015 in U.S. District Court in Detroit.
A JTEKT executive, Masakazu Iwami, was indicted on charges of conspiring to fix prices in 2014. The Japanese company pleaded guilty to price-fixing in 2013 and paid a $103 million fine.
The settlement must still be approved by U.S. District Court in Detroit.
JTEKT, a major supplier of vehicle bearings and steering systems, ranks No. 15 on Automotive News’ list of top global auto suppliers.
Twenty-three global suppliers have been accused by consumers and dealers in antitrust probes that started in 2011.
Total settlements from consumer lawsuits now exceed $650 million.
As of September, the U.S. Department of Justice and FBI charged 65 individuals and 46 companies and fined them more than $2.8 billion in the investigation.