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Germany: ThyssenKrupp railway price-fixing clash settles out of court

By  |  November 20, 2013

Rail operator Deutsche Bahn has reportedly agreed with steelmaker ThyssenKrupp to a settlement awarding the state-owned company millions after Deutsche Bahn sued ThyssenKrupp for its alleged participation in a price-fixing cartel, say reports.

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    ThyssenKrupp announced the companies had reached a settlement in principle outside of court, though the offer remains subject to approval by both parties.

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    While the settlement details were not announced, local media reported the damages to be paid to Deutsche Bahn at more than $200 million.

    The rail company first sued the steelmaker in 2012 for fixing prices in the railway steel market; the allegations accused Czech Republic-based Moravia Steel, Austria-based Voestalpine and Germany-based Vossloh as additional participants in the scheme. Deutsch Bahn claimed it lost more than $600 million from the collusion.

    A probe by Germany’s competition regulator found ThyssenKrupp liable and ordered the company to pay more than $300 million in fines.

    Full Content: DW

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