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EU Fines Scania €880 Million for Price Fixing
The EU has fined Volkswagen AG’s Scania commercial truck unit €880 million ($1 billion) for participating in a 14-year-long cartel that fixed prices on emission control systems.
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The EU has fined Volkswagen AG’s Scania commercial truck unit €880 million ($1 billion) for participating in a 14-year-long cartel that fixed prices on emission control systems.
Last year, five other truck makers charged with being part of the same group settled for a record €2.9 billion ($3.4 billion). But Scania denies any role in the cartel and says it will appeal its fine.
EU investigators say the manufacturers fixed prices on commercial trucks between 1997 and 2011. Conspirators also coordinated when new emission control technologies would be introduced and how the cost of the system would be passed along to their customers.
Prosecutors say executives initially met face-to-face at industry events. They also arranged phone calls to discuss strategies. More recently, company offices in Germany exchanged information electronically, according to investigators.
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