Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Scania loses court fight over $949 million EU cartel fine

Published 01/02/2024, 09:44
Updated 01/02/2024, 20:30
© Reuters. FILE PHOTO: The logo of Swedish truckmaker Scania is pictured at the IAA truck show in Hanover, September 22,  2016.  REUTERS/Fabian Bimmer/File Photo

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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.