Autoliv Settles with the U.S. Department of Justice
The Antitrust Division of the U.S. Department of Justice (DOJ) today announced a plea agreement with Autoliv, Inc. (NYSE: ALV) (STO:ALIVSDB) on financial terms consistent with the Company's related accrual disclosed in the first quarter of 2012. This effectively ends Autoliv's role as a subject of the matters investigated.
Under the terms of the agreement, which is subject to court approval, the Company will plead guilty to two counts of antitrust law violations involving a Japanese subsidiary and pay a fine of $14.5 million. The DOJ will not otherwise prosecute Autoliv or any of its subsidiaries or present or former directors, officers or employees for the matters investigated. Three employees in the sales organization are excluded from the non-prosecution provision of the agreement, but no decision has been communicated by the DOJ regarding these employees. The Company will continue to cooperate with the DOJ in its investigations of other auto-parts suppliers.
“It is simply unacceptable that we have ended up in this situation in the first place. It goes against everything we stand for,” said Jan Carlson, President and CEO. “Therefore, we have cooperated extensively with the DOJ to investigate and rectify the matter as quickly as possible and, as a result, we have reached an early resolution of our part of this industry-wide investigation.”
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