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.
#legal
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.
RELATED CONTENT
-
U.S. Probes Possible Bosch Role in VW Diesel Scandal
The U.S. Dept. of Justice is investigating whether Robert Bosch GmbH aided Volkswagen AG in cheating on diesel emission tests, sources tell Reuters.
-
Grand Jury Indicts Former FCA Executive In Union Payoff Scheme
A former labor relations executive at Fiat Chrysler Automobiles NV has been charged with making more than $2.2 million in illegal payments to himself and a United Auto Workers union official in Detroit.
-
U.S. Justice Dept. Asks VW to Delay Diesel Cheating Report
The U.S. Dept. of Justice has asked Volkswagen AG not to release findings of an independent probe into the German carmaker's diesel emission cheating scandal.