Hose manufacturer pleads guilty in bid-rigging
The U.S. Justice Department said a British marine hose manufacturer has agreed to plead guilty and pay $4.54 million in criminal fines for participating in a conspiracy to rig bids, fix prices and allocate market shares of marine hose sold in the United States and abroad.
A one-count felony charge was filed Monday in U.S. District Court in Fort Lauderdale, Fla., against Dunlop Oil & Marine Ltd., a manufacturer of marine hose located in Grimsby, England. Under terms of the plea agreement, which is subject to court approval, Dunlop has agreed to pay a criminal fine of $4.54 million and to cooperate fully in the department’s ongoing antitrust investigation. Dunlop is the second corporation to be charged in the investigation.
The government said the conspiracy victimized companies involved in the offshore extraction and transportation of petroleum products and the U.S. Defense Department.
“Ultimately U.S. consumers were left holding the tab. The antitrust division will seek stiff penalties for those who participate in price-fixing conspiracies,” said Deborah A. Garza, acting assistant attorney general in charge of the antitrust division.
Hose manufacturer pleads guilty in bid-rigging
