November 30, 2018 / 4:49 PM / 14 days ago

SKF settles Daimler lawsuit over European ball bearings cartel

STOCKHOLM, Nov 30 (Reuters) - SKF has reached a settlement with Daimler 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 ($1.1 billion) 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. ($1 = 0.8832 euros) (Reporting by Esha Vaish in Stockholm Editing by David Holmes)

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