Autoliv settles three US class actions over price fixing

Article by Christian A., on June 6, 2014

Autoliv has taken in three separate settlements in antitrust class actions in the United States, expecting to post $65 million in costs in the second quarter. The lawsuits were filed by different customers for its safety systems in the US. According to Autoliv, it was not admitting any liability and is settling the lawsuits to avoid the “uncertainty, risk, expense and distraction” of further class action litigation.

The settlements will effectively release Autoliv from any claims and demands that could have been asserted against the supplier.

Antitrust regulators in the US and elsewhere in the world have been investigation companies and executives for alleged price fixing of over 30 types of car parts like seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.

Autoliv reached an agreement in 2012 to pay $14.5 million in fines in the price-fixing probe and also pleaded guilty. The US Justice Department's Antitrust Division has already reached settlement with companies like Takata, Tokai Rika, TRW Deutschland Holding, Nippon Seiki, Furukawa Electric and Fujikura.

Twenty-six auto suppliers, mostly from Japan, have pleaded guilty or agreed to plead guilty to similar charges in the US, incurring with fines and settlements that have reached $2.3 billion.

The Department said that as of May 22, 2014, 35 supplier executives have been charged with price fixing. Likewise, 24 executives have pleaded guilty or have agreed to plead guilty while 22 have received prison sentences of up to two years.

If you liked the article, share on:

Comments

Recommended

Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 2017
The largest gathering of Volkswagen and Audi cars in Europe is underway, and the German premium carmaker is displaying the third model of its G-Tron range at the 2017 Worthersee...
by - May 26, 2017
Have you been wondering how much you have to produce to acquire a 2018 Mercedes-Benz S-Class Facelift? Wonder no more, as Mercedes-Benz has already divulged the pricing – at least...
by - May 26, 2017
Following the M3’s new facelift earlier this year, BMW is once again bringing something fresh to the table. In its newest offering, a cheaper version of the high performance sedan...
by - May 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries