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

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.

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

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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