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|2nd May 2012, 08:18||#1|
Join Date: May 2010
Hitachi exec pays up for price fixing
An executive who worked for the company which sounds like a sneeze, with Hitachi-LG Data Storage, has agreed to plead guilty and serve a prison sentence for price fixing.
Senior sales manager Woo Jin Yang was accused of rigging bids for drives sold to HP between 2006 and 2009, the Justice Department said.
The Department of Justice said that Yang faces four felony charges filed in the US District Court for the Northern District of California. He has agreed to spend six months at the State's pleasure and write a cheque for $25,000.
Hitachi-LG Data Storage was a joint venture of Hitachi Ltd and LG Electronics. So far four of its executives have been accused of conspiring to fix prices of the devices that can read and put data onto CD-ROMs and DVDs.
According to Reuters, the company had to pay a $21.1 million fine last November. Three other executives are awaiting sentencing on the price fixing charges.
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