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Toshiba, Canon To Pay $5M For Merger Clearance Violation

Law360 (June 10, 2019, 7:59 PM EDT) -- Canon and Toshiba agreed to pay $2.5 million each to settle U.S. Department of Justice allegations that they skirted their obligation to notify U.S. antitrust enforcers before Canon acquired Toshiba Medical Systems in 2016 for about $6 billion, the DOJ said on Monday.

The DOJ alleges that Canon Inc. and Toshiba Corp. devised a scheme to avoid complying with the Hart-Scott-Rodino Act, which requires companies to report deals of a certain size to the antitrust authorities before they complete the transactions. The agency said Canon and Toshiba purposefully avoided the rules so that Toshiba could recognize the proceeds from the sale...

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Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

District Of Columbia

Nature of Suit

410(Anti-Trust)

Date Filed

June 10, 2019

Companies

Government Agencies