Mexican Media Brands
Autoliv, TRW Fined $416 Million for Price Fixing in Europe
The European Commission has fined Autoliv and TRW for conspiring to rig prices for seatbelts, airbags and steering wheels supplied to BMW and Volkswagen Group.
#legal
Share
The European Commission has fined Autoliv and TRW for conspiring to rig prices for seatbelts, airbags and steering wheels supplied to BMW and Volkswagen Group.
The two companies must pay a combined €368 million ($416 million). The EC says now-bankrupt airbag supplier Takata Corp. was part of the conspiracy but escaped a fine in exchange for reporting the wrongdoing. The cartel operated between 2007 and 2011, according to the commission.
The fines are the latest result of a continuing global crackdown on price fixing among automotive suppliers. To date, the EC and U.S. have levied fines totaling some $5.2 billion against dozens of companies.
RELATED CONTENT
-
Four Auto Companies Rank Among the World's Most Ethical
GM and Cooper Standard make the list for the first time, joining long-running honorees Aptiv and Cummins
-
Uber Settles with Family of Woman Killed in Self-Driving Car Crash
Uber Technologies Inc. has quickly settled on damages to the survivors of a woman killed in Tempe, Ariz., last week by an Uber test vehicle operating in autonomous mode.
-
U.S. Court Filing Claims Bosch Aided VW Diesel Cheating
Germany’s Robert Bosch GmbH actively aided Volkswagen AG’s efforts to cheat emission tests, according to a new court filing in the U.S.