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VW’s Scania fined $1.03 Billion by EU

Wolfsburg - 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

Wolfsburg - 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.

VW now faces compensation claims from truck buyers who paid too much, and the company may be dragged into other EU cartel probes over alleged collusion with Daimler and BMW AG on technology standards.

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