Truckmakers fined a record $3.24bn by EU for price-fixing

19/07/2016

Truck manufacturers are facing a record fine for fixing truck prices over 14 years, reports Bloomberg. Daimler must pay €1bn, while DAF must shell out €752.7m. Volvo, Renault and Iveco also face high penalties. The EU Competition Commission claimed prices were fixed for nine trucks out of every ten sold in Europe. Scania has refused to settle, while MAN was let off fines after whistle-blowing the cartel to the EU. The companies received a 10% discount on the fines for promising not to challenge the EU in the courts. But the truckmakers’ customers may seek damages for being overcharged.

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Shelton Gesick
August 23, 2016 at 10:42 pm
The trucks settlement includes a 10 percent reduction for promising not to challenge the EU in court, as well as other discounts for cooperating with regulators. Truckmakers may still face lawsuits from customers seeking damages for overcharging. “Daimler regrets these occurrences” and said the fine would be covered by its provision, according to an e-mailed statement from the German automaker. Paccar said the DAF fine is less than the 850 million euros it had set aside.

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