Author`s name Pravda.Ru

Bayer US pays $33 million criminal fine

The Pittsburgh-based subsidiary of Germany's Bayer AG has agreed to plead guilty and pay a $33 million criminal fine for participating in a conspiracy to fix prices of the chemical used in various consumer products, including plastic grocery bags, shoe soles and automotive parts, the U.S. Justice Department said Thursday.

The department said the company, which has agreed to assist the government in its &to=http:// 22/101/399/14307_investigation.html ' target=_blank>investigation, conspired from 1998 to 2002 with an unnamed producer and individuals to suppress and eliminate competition for the chemical within the United States, says CNN.

The Justice Department said that in the agreement, Bayer Corp. pleaded guilty to criminal charges of conspiring to fix prices of polyester polyols, used in plastic grocery bags, textiles, shoe soles and automotive parts.

A one-count felony charge filed in &to=http:// ' target=_blank>San Francisco federal court alleges that the US unit of the German chemical and pharmaceutical group Bayer AG conspired from 1998 to 2002 with "an unnamed producer and unnamed individuals to suppress and eliminate competition in the United States" for the chemical, reports Channel News Asia.