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VW’s Scania Fined $1.03 Billion by EU for Price Fixing

  • Scania fine follows 2.93 billion-euro settlement by rivals
  • Refusal to settle with EU allows Scania to fight fine at court
Bloomberg business news

VW's Scania Unit Receives EU Price-Fixing Fine

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Volkswagen AG’s tarnished reputation suffered another blow after its Scania unit was slapped with a 880.5 million euro ($1.03 billion) fine for fixing truck prices, a year after other members of the cartel reached a record settlement with the European Union.

The European Commission, the EU’s antitrust regulator in Brussels, said Scania colluded for 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.