Marine Hose Co. Hit With $2M Penalty Over Cartel Role

Law360, New York (October 24, 2013, 7:24 PM EDT) -- Marine hose company Parker ITR SRL will pay 5.1 million Brazilian reais ($2.3 million) as part of a cease-and-desist agreement with Brazilian antitrust authorities in a case alleging the company was part of an international cartel controlling the marine hose market, the regulator said Wednesday.

Brazil's Administrative Council for Economic Defense, or CADE, said it began its investigation into the cartel in 2007, looking into 11 companies and individuals over allegations that they conspired to rig bids, fix prices and otherwise manipulate the market for marine...
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