STOCKHOLM (Reuters) - SKF (ST:SKFb) has reached a settlement with Daimler (DE:DAIGn) more than a year after the German automaker sued the Swedish engineering group over its alleged participation in a ball bearings cartel.
SKF, the world's largest maker of industrial bearings, was sued by Daimler after European Union antitrust regulators in March 2014 fined SKF and other suppliers a total of 953 million euros (849.44 million pounds) for taking part in a ball bearings cartel.
In a statement on Friday SKF said the settlement, whose details were confidential, would have an "insignificant impact" on its financial position.