TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation and its subsidiaries, Mitsubishi Electric US Holdings, Inc. and Mitsubishi Electric Automotive America, Inc., entered into a settlement agreement with indirect purchaser plaintiffs in a class action lawsuit concerning certain automotive parts in the United States District Court for the Eastern District of Michigan. The settlement was set at US$ 84,512,195.
The settlement agreement is subject to approval by the court.
In February 2013, a class action suit was brought against Mitsubishi Electric and the subsidiaries listed above claiming damages indirect purchasers in the U.S. had suffered from an alleged antitrust violation concerning the pricing of certain automotive parts. Mitsubishi Electric and its subsidiaries decided to enter into the settlement agreement, considering the expense of a long period of litigation.