EU slaps $1-bn fine on Volkswagen truck unit for price fixing

The firm has already paid billions of dollars in settlements in the US

Volkswagen’s tarnished reputation suffered another blow after its Scania unit was slapped with a £880.5-million ($1.03 billion) fine for fixing truck prices, a year after other members of the cartel reached a record settlement with the European Union.

The European Commission, the EU’s antitrust regulator in Brussels, said Scania colluded for 14 years with five other truck manufacturers on truck pricing and on passing on the costs of new technologies to meet stricter emission rules.

Volkswagen now faces compensation claims from truck buyers who paid too much and may also be dragged into other EU cartel probes over alleged collusion