Scania loses court fight over $949 million EU cartel fine
Reuters
Published Feb 01, 2024 09:44
Updated Feb 01, 2024 20:30
By Foo Yun Chee and Bart H. Meijer
BRUSSELS (Reuters) - Volkswagen (ETR:VOWG_p)'s Swedish truckmaker Scania on Thursday lost its fight against a 880.5-million-euro ($949 million) EU cartel fine after Europe's top court sided with EU competition regulators.
The European Commission in a 2017 ruling said Scania colluded with five others in the industry to fix vehicle prices in order to pass the costs of required environmental improvements on to customers to avoid hurting their own profits.
A lower tribunal in 2022 rejected Scania's challenge against the fine, prompting the company to appeal to the Luxembourg-based Court of Justice of the European Union (CJEU).
CJEU judges concurred with the General Court's ruling and dismissed Scania's appeal.
The case is C-251/22 P | Scania and Others v Commission.
($1 = 0.9277 euros)
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Written By: Reuters
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