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Autoliv to pay $65 mln in US antitrust probe
June 2, 2014 / 9:50 AM / 3 years ago

Autoliv to pay $65 mln in US antitrust probe

STOCKHOLM, June 2 (Reuters) - Auto safety gear maker Autoliv has reached three separate settlements in U.S. antitrust class action lawsuits and expects to incur $65 million in costs in the second quarter, the company said on Monday.

The settlements are the latest result of long-running probes by antitrust enforcers in several countries into price fixing of more than 30 types of car parts, including seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.

The lawsuits were initiated by different U.S. purchasers of its safety systems.

The Sweden-based company said it was not admitting any liability and is settling “to avoid the uncertainty, risk, expense and distraction of further class action litigation.”

The settlements will release Autoliv from any claims and demands that could have been asserted.

In 2012, Autoliv agreed to pay a fine of $14.5 million in the price-fixing investigation, and pleaded guilty.

Other auto parts companies that the U.S. Antitrust Justice Department’s Division has already settled with include Takata , Tokai Rika Co , TRW Deutschland Holding GmbH , Nippon Seiki Co, Furukawa Electric Co and Fujikura Ltd. (Reporting by Helena Soderpalm; Editing by David Holmes)

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