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EU: Car parts cartel hit with $1.3B fine

 |  March 19, 2014

The European Commission has hit several car parts manufacturers with fines totaling more than $1 billion for partaking in an alleged price-fixing cartel, the regulator announced Wednesday.

Germany’s Schaeffler, Sweden’s SKF and three companies in Japan have been issued fines of $1.3 billion for the collusion as the Commission continues to probe the allegations of price-fixing in the industry. Reports say more than 70 companies fall under the scope of the global investigation.

In an announcement, the EU authority said that it found the cartel to have operated for more than seven years, at least between 2004 and 2011, in the EU ball bearings market.

Car parts price-fixing cartels have also been the target of antitrust authorities in Japan, Canada and the US in recent years.

Full Content: Reuters

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