Ex-Diamond Electric Execs Get Prison Time For Parts Cartel

Law360, New York (January 31, 2014, 6:03 PM EST) -- Two former top executives at Japan's Diamond Electric Mfg. Co. Ltd. have agreed to plead guilty and serve more than a year in prison for their roles in a global plot to hike the price of ignition coils, the U.S. Department of Justice said Friday.

Former Diamond president Shigehiko Ikenaga and former vice president Tatsuo Ikenaga will both admit to fixing the price of the coils sold to automakers including Ford Motor Co., Toyota Motor Corp. and Subaru-owner Fuji Heavy Industries Ltd. The coils are part...
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