US fines Canon, Toshiba for anti-trust violations

Business | 11 Jun 2019 1:22 pm

Canon Inc and Toshiba Corp on Monday agreed to pay US$2.5 million each to settle charges the companies violated U.S. antitrust laws by failing to notify authorities before a deal made for Toshiba’s medical device business, The Wall Street Journal reports.

Faced with accounting irregularities that surfaced in 2015, Toshiba designed a scheme to sell its medical system subsidiary to Canon for around US$6.1 billion in 2016 while evading notification rules, according to a civil complaint filed by the Justice Department.

Under a consent decree, the two companies agreed to create a program for complying with the notification law, known as the Hart-Scott-Rodino Act, and other antitrust laws, the Justice Department said.

Canon  and Toshiba did not immediately respond to requests for comment.

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