Marine Hose Maker To Pay $2M Fine For Price-Fixing

Law360, New York (February 17, 2010, 3:39 PM EST) -- Marine hose maker Parker ITR, a subsidiary of engineering giant Parker-Hannifin Corp., has agreed to pay a $2.29 million criminal fine for its part in a price-fixing scheme to cheat oil companies and the U.S. government out of hundreds of millions of dollars.

According to a criminal information filed by the U.S. Department of Justice on Tuesday in the U.S. District Court for the Southern District of Texas, Italy-based Parker ITR had been charged with one count of conspiracy.

The company is accused of rigging bids,...
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