Posted on 07/20/2016 10:01:06 PM PDT by Olog-hai
The European Union has slapped its biggest ever cartel fine, worth $3.24 billion and twice the previous record, on several of Europes top truck producers for colluding to keep prices artificially high at the expense of consumers.
EU Antitrust Commissioner Margrethe Vestager said EU-based MAN, Volvo/Renault, Daimler, Iveco and DAF colluded on the pricing and on passing on the costs for meeting environmental standards to customers.
Germanys Daimler received the biggest fine of 1 billion ($1.1 billion), followed by 752 million ($832 million) for DAF of the Netherlands, 670 million ($741 million) for Volvo/Renault and 494 million ($546 million) for Iveco of Italy.
MAN escaped a 1.2 billion ($1.33 billion) fine for revealing the cartel, granting it full immunity. "It pays off to denounce a cartel and end your participation," said Vestager.
(Excerpt) Read more at bigstory.ap.org ...
FTR, MAN is VWs trucking division. You can bet their competitors are going to think up some means of retaliation.
Oh so THAT’s the purpose for the existence of the EU.../s
I would tell them stuff it and bring high end attorneys to shut them down and file a counter suit
Our EPA are slaggerts.
Ha.....seems they need some more "environmental standards"
I guess socialism fails when they run out of environmental standards
As they say in the UK:
Health and Safety going Crazy.
? Where do they think the money to pay those costs will come from, last time I checked companies that make trucks could not print money.
I guessing the EU slaps tariffs on foreign competition that leaves european truck consumers at the mercy of monopolistic pricing by european truck producers.
the whole thing is a sickening, self ratifying circle of graft and regulation.
next up, Apple colluding to keep ebook prices up $10 billion fine
Nothing more than wealth redistribution from the private sector to the EU. Socialism writ large.
Refuse to pay.
“colluded on the pricing and on passing on the costs for meeting environmental standards to customers.”
OH THE HORROR!, Green Policy Increases Costs
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