May 23, 2008 — Toray Industries Inc.
Toray Industries Inc., a Japanese company, and its U.S. Subsidiary, Toray Composites Inc., have agreed to pay nearly $62 Million to settle qui tam actions filed against them by private relators Randall Beck, Gary Beck, Tod Boretto and Kevin McLean, who had dealings with Toray through their employer.
The allegations of the case were that Toray and co-conspirators agreed on prices that would be charged for carbon fiber that was ultimately used in products procured by the federal government.
Carbon fiber is a graphite substance used in aircraft, ammunition and satellites procured by the United States. Carbon composites are valuable because they are lightweight yet strong.
The persons who filed the qui tam action are expected to receive up to 25% of the $62 Million as a reward for having filed the claims.
See U.S. Dept of Justice Press Release 5/23/08