Settlement of Class Action Lawsuits in Canada
Dec. 9, 2019 News Releases
KARIYA (Japan) ― DENSO Corporation (hereafter “DENSO”) and certain of its consolidated subsidiaries have entered into a Settlement Agreement with the Plaintiffs in putative class action lawsuits in Canada.
1. Background of Lawsuits and Settlements
Since May 2013, putative auto parts class action lawsuits have been brought against DENSO in certain provinces of Canada alleging that the Plaintiffs and proposed class members incurred damages as a result of alleged violations of Canadian Competition law. After extensive negotiations, DENSO has reached a settlement with the Plaintiffs. The settlement that includes no admission of liability is still subject to approval by the Canadian Courts.
2. Settlement Plaintiffs
Persons in Canada who allegedly purchased auto parts directly or indirectly from DENSO or other defendants or who allegedly purchased or leased automotive vehicles containing those parts.
3. Settlement Amount
CN$25,162 thousand (approximately 2.1 billion yen)
4. Effect on Financials
DENSO does not expect any significant impact on its consolidated financial forecast as a result of this matter.
It is DENSO’s policy to comply with all applicable antitrust laws. Since its primary U.S. subsidiary was raided by the U.S. Department of Justice in February 2010, DENSO group companies have been taking various preventive measures, including implementing more stringent compliance rules, more enhanced compliance training and more meticulous compliance monitoring, in order to further ensure that they comply with all applicable antitrust laws. DENSO believes it is in complete compliance with all antitrust laws.
DENSO is committed to striving to restore the full confidence of all stakeholders by complying with all applicable antitrust laws around the world.