Japan's Toray settles US carbon price fixing suit

26 May 2008 09:35  [Source: ICIS news]

TOKYO (ICIS news)--Japan's Toray Industries and its US subsidiary Toray Composites (America) have agreed to pay the US government $15.25m to settle a lawsuit regarding the alleged price fixing of carbon fibre without admitting the charges, a spokesman said on Monday.

The lawsuit alleged that, beginning at least as early as 1993 and continuing at least until 2001, Toray had conspired with other unnamed firms to fix prices on carbon fibre, a graphite substance used in aircraft, ammunition and satellites procured by the US, the US Justice Department said on its website on Friday.

The company had been denying the allegations throughout, but it decided to settle considering future expenses that may be incurred by the lawsuit if they pursued, the spokesman said.

The settlement was reached in January, he added.

However, the spokesman did not disclose the details of the settlement other than that it did not include Toray’s admission of the allegations.

The lawsuit was originally filed by four individuals on behalf of the US, through their employer Horizon Sports Technologies, according to the Justice Department.

Toray said it had registered the expenses relating to the lawsuit into the fiscal year 2008 financial results announced in early May.

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By: Tomomi Yokomura
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