Volkswagen’s Scania unit lost its fight against a €880.5 million (US$994 million) fine from European Union regulators for fixing truck prices, Bloomberg News.
The EU General Court in Luxembourg upheld the European Commission’s 2017 decision in a ruling on Wednesday, February 2. The judgment can be appealed one more time to the bloc’s top court.
Scania was fined for colluding over 14 years with five other truck manufacturers on truck pricing and on how to pass on the costs of new technologies to meet stricter emission rules, the European Commission stated at the time. The penalty is the EU’s second-highest ever for one company in a price-fixing case, topped only by a €1.01 billion penalty for Daimler AG in the same cartel.
While Scania refused to settle and was eventually fined, a year earlier Daimler, Paccar’s DAF and other truckmakers agreed to pay the commission a record total of €2.93 billion.
The truck cartel members fixed factory prices for trucks between 1997 and 2011 and also coordinated when producers would introduce technology to curb emissions from trucks and how they’d pass on the costs of that technology to customers, the EU stated at the time.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI