Bridgestone Corporation pleaded guiilty to conspiring to fix the prices of rubber car parts. From 2001-2008, the company met with competitors to discuss splitting up the market for rubber parts (used to reduce vibrations). They then submitted false bids with inflated prices to auto makers such as Nissan and Toyota. This ensured that particular supplies won certain pieces of business.
This isn't the first time the company had been accused of such a crime. In 2011, Bridgestone pleaded guilty to conspiring to price fixing of marine hoses and other agreement. Back then, the company cooperated with investigators and therefore received a reduced penalty. Bridgestone did not do the same this time in the anti-vibration parts business, leading to an increased penalty.
The $425m fine will be reflected on Bridgestone's 2013 results.