Weekend Economists Salute the 99% September 26-28, 2014

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32. JAPANESE FIRM FINED $67.7M IN SHIPPING CONSPIRACY

http://hosted.ap.org/dynamic/stories/U/US_OCEAN_SHIPPING_PRICE_FIXING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-26-16-35-22

A major Japanese shipping company agreed Friday to pay the United States a $67.7 million criminal fine for conspiring to fix prices for international ocean shipments of cars, trucks and other wheeled vehicles at the Port of Baltimore and other locations, the Justice Department said.

Kawasaki Kisen Kaisha Ltd., also known as "K" Line conspired with other, unidentified shipping firms not to compete for certain customers on certain routes, and to refrain from undercutting each other's prices, the department said in a statement.

"Our efforts exposed a long-running global conspiracy that operated globally, affecting the shipping costs of staggering numbers of cars, into and out of the Port of Baltimore and other ports in the United States and across the globe," said Bill Baer, an assistant U.S. attorney in the department's antitrust division.

A call to "K" Line's North American headquarters in Richmond, Virginia, was not returned