• Kyodo

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The U.S. Justice Department said Thursday that Japanese manufacturer NGK Insulators Ltd., which makes electricity insulators and automotive parts, has agreed to plead guilty and pay a $65.3 million (about ¥7.8 billion) fine for price fixing and rigging bids.

The department said NGK Insulators rigged prices for catalytic converter substrates that were provided for General Motors Co., Toyota Motor Corp. and Nissan Motor Co. as well as their affiliates in the United States and elsewhere from July 2000 to February 2010.

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