World Economy

EU Truck Makers Face Hefty Fines

EU Truck Makers Face Hefty FinesEU Truck Makers Face Hefty Fines

European truck makers including Daimler AG, Volvo AB and Renault SA are said to face the biggest cartel fine in EU history, Bloomberg reported. The penalty could be imposed within weeks over charges the companies fixed prices and colluded to delay new emissions-control equipment, Financial Times reported, citing people close to the matter. The fine could surpass the record €1.4 billion ($1.6 billion) in penalties imposed over television-tube price fixing in 2012 and follows a probe of Europe’s six dominant truck makers between 1997 and 2011. Cartels face fines of as much as 10% of global revenue under EU rules, meaning payments ordered from the truck makers involved could total a maximum of €10.7 billion, the FT reported.