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Kayaba, Sumitomo to pay millions for price-fixing in US

Kayaba Industry Co, which does business in the US as suspension parts maker KYB, and Sumitomo Electric Industries are facing payments in the millions to settle price-fixing cases about the components that they make. As part of the Department of Justice's ongoing crackdown of price fixing in the auto industry, KYB agreed to pay $62 million and pleaded guilty to conspiracy to set the cost of shock absorbers from the mid '90s through 2012. The company allegedly worked with co-conspirators to keep the cost of the parts high, and those components then made it into vehicles from Honda, Kawasaki, Nissan, Subaru, Suzuki, and Toyota. "Any collusive agreement among competitors to restrict price competition undercuts our free enterprise system and violates the law," said Carter M. Stewart, US Attorney of the Southern District of Ohio, in the DoJ's announcement. Over the past few years, the DoJ has brought cases against 37 parts suppliers and 55 executives, leading to over $2.6 billion in fines. The investigations haven't always been so successful – some of the Japanese execs fled from the US to avoid prosecution. Critics allege that price fixing is simply how business is done. According to Automotive News, Sumitomo Electric Industries is also facing a $50 million settlement in a civil lawsuit that's related to price fixing of parts like wiring harnesses and heater control panels. The plaintiffs include owners and dealers that purchased vehicles with these parts. The company asserts that the violations are from before 2010, and it now has different process in place to avoid further violations. KYB Agrees to Plead Guilty and Pay $62 Million Criminal Fine for Fixing Price of Shock Absorbers Kayaba Industry Co. Ltd., dba KYB Corporation (KYB) has agreed to plead guilty and to pay a $62 million criminal fine for its role in a conspiracy to fix the price of shock absorbers installed in cars and motorcycles sold to U.S. consumers. According to charges filed today, KYB conspired from the mid-1990s until 2012 to fix the prices of shock absorbers sold to Fuji Heavy Industries Ltd. (manufacturer of Subaru vehicles), Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Nissan Motor Company Ltd., Suzuki Motor Corporation and Toyota Motor Company, including their subsidiaries in the United States.

Why Toyota's fuel cell play is one big green gamble

Imagine going to the ballet on Saturday evening for an 8 pm performance. The orchestra begins warming up shortly before the show, but it turns out the star performer isn't ready at the appointed time. The orchestra keeps playing, doing its best to keep the audience engaged and, most importantly, in the building. It keeps this up until the star finally shows and is ready to dance ... which turns out to be ten years later. That's a Samuel Beckett play. It's also how many observers, analysts, alt-fuel fans and alt-fuel intenders feel about the arrival of hydrogen fuel cell vehicles (FCVs) – the few of them who are still in the building, that is. Toyota's hydrogen development timeline rivals that of the US space program. In fact, within the halls of Toyota alone, research on FCVs has been going on for nearly 22 years, meaning that one company's development timeline for FCVs rivals that of the US space program – it was 1945 when Werner von Braun's team began re-assembling Germany's World War II V2 rockets and figuring out how to launch them into space and it wasn't until 1969 when a man set landing gear down on that sunlit lunar quarry. The development of the atom bomb only took half as long, and that's if we go all the way back to when Leo Szilard patented the mere idea of it, in 1934. Carmakers didn't give up on hydrogen in spite of the public having given up on carmakers ever making something of it, so there was a good chance that hydrogen criers announcing the mass-market adoption of periodic chart element number two one would eventually be right. Now is that time. And Toyota, not alone in researching FCVs but arguably having done the most to keep FCVs in the news, isn't even going to be first to market. That honor will go to Hyundai, surprising just about everyone at the LA Auto Show with news of a hydrogen fuel cell Tucson going on sale in the spring. The other bit of thunder stolen: while Toyota's talking about trying to get the price of its offering down to something between $50,000 and $100,000, Hyundai is pitching its date with the future at a lease price of $499 per month ($250 more than the lease price of a conventional Tucson), free hydrogen and maintenance, and availability at Enterprise Rent-A-Car if you just want to try it out. We've seen and driven Toyota's offering and we all know its success doesn't depend on cross-shopping, showroom dealing and lease sweeteners.

Former Ferrari world champion and motorcycle ace John Surtees dies

"The main thing is that whatever I've done, I've done from the heart." – John Surtees John Surtees, the motorsports legend who's the only man to win world championships in motorcycle and Formula One competition, died Friday, March 10. He was 83 years old. Surtees' greatest fame in F1 came in 1964 when he won two races and finished second three times to capture the drivers championship and propel Ferrari to the constructors title. Dubbed "il Grande John" by the Scuderia fans, he returned Ferrari to the top of the motorsports world, but he infamously left the team after a falling-out with management in 1966. Surtees also raced in F1 for Honda, Lotus, Cooper, and others. He survived a crash during practice in 1965 while driving a Lola sports car, which broke his pelvis, ruptured his kidneys, and damaged his spine and left leg. He oversaw his own racing operation in the 1970s, and his cars competed in F1, Formula 2 and F5000. Surtees also competed in the 24 Hours of Le Mans in the 1960s and won the 1966 Can-Am title for Lola. One of the few drivers who was equally talented on a motorcycle, Surtees counted seven titles on two wheels, dominating the circuit in the 1950s for Norton and the MV Agusta. In a biography on his website, Surtees said he relished the competition above all else. "The main thing is that whatever I've done, I've done from the heart. I have loved being involved in first building and riding motorcycles and then driving cars – but above all, competing." Surtees was born in England in 1934. His father was a motorcycle racer and his son, Henry, competed in Formula 2. Henry was killed during a crash in 2009 at Brands Hatch in England. John Surtees' death immediately drew reaction from around the motorsports world, including Ferrari, MotoGP, and F1. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related Video: Motorsports Ferrari Honda john surtees