Europe

EU slaps record cartel fine of $3.24 billion on truck firms

Associated Press
Published | Updated

EU Antitrust Commissioner Margrethe Vestager addresses the media at EU Commission headquarters in Brussels, Belgium, Tuesday, July 19, 2016. The European Union has slapped its biggest ever cartel fine, worth $3.24 billion, on a half-dozen of Europe's top truck producers for colluding to keep prices artificially high at the expense of consumers. (AP Photo/Darko Vojinovic) (The Associated Press)

EU Antitrust Commissioner Margrethe Vestager addresses the media at EU Commission headquarters in Brussels, Belgium, Tuesday, July 19, 2016. The European Union has slapped its biggest ever cartel fine, worth $3.24 billion, on a half-dozen of Europe's top truck producers for colluding to keep prices artificially high at the expense of consumers. (AP Photo/Darko Vojinovic) (The Associated Press)

EU Antitrust Commissioner Margrethe Vestager addresses the media at EU Commission headquarters in Brussels, Belgium, Tuesday, July 19, 2016. The European Union has slapped its biggest ever cartel fine, worth $3.24 billion, on a half-dozen of Europe's top truck producers for colluding to keep prices artificially high at the expense of consumers. (AP Photo/Darko Vojinovic) (The Associated Press)

The European Union has slapped its biggest ever cartel fine, worth $3.24 billion, on five of Europe's 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."

MAN escaped a 1.2 billion euro ($1.33 billion) fine for revealing the cartel, granting it full immunity. Together the targeted companies account for 90 percent of all medium and heavy trucks produced in Europe.

Before Tuesday's 2.93 billion euro fine, the previous record was from 2012, when 7 companies were fined 1.47 billion euros ($1.62 billion) for rigging the market of television and computer monitor tubes.