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EC Readies Fines Against Seatbelt, Airbag Suppliers
The European Commission is preparing to fine members of a group of airbag and seatbelt suppliers for conspiring to fix prices on their products.
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The European Commission is preparing to fine members of a group of airbag and seatbelt suppliers for conspiring to fix prices on their products.
Sources tell Reuters the move will cap a six-year investigation that began in 2011 and targeted European, Japanese and U.S. suppliers. The sources say the companies have admitted to wrongdoing in return for a 10% reduction in penalties.
The EC’s probe is part of a worldwide series of investigations of price fixing and bid rigging involving a wide variety of vehicle components. Prosecutors in Europe and the U.S. have so far levied fines worth more than €6 billion ($7 billion) against dozens of companies and indicted more than 50 executives.
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