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PSA Seeks €508 Million from Suppliers Who Fixed Prices
Groupe PSA is demanding five suppliers pay it €508 million in restitution after they admitted rigging prices for years on bearings sold to the company.
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Groupe PSA is demanding five suppliers pay it €508 million in restitution after they admitted rigging prices for years on bearings sold to the company.
PSA filed the claim before the U.K.’s Competition Appeal Tribunal, Automotive News Europe reports. Its complaint cites JTEKT, NSK and NTN in Japan, Schaeffler in Germany and SKF in Sweden.
The five suppliers are among dozens of companies that have admitted to conspiring to fix prices on a wide range of components sold to multiple carmakers over the past 20 years. An international investigation has resulted in $2.6 billion in criminal fines in the U.S. alone.
But carmakers who were victims have not publicly demanded compensation from the guilty suppliers until now. ANE notes most manufacturers have settled privately or arranged discounts on future purchases.
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