Law360, London (February 4, 2021, 5:12 PM GMT) -- Germany's competition watchdog said on Thursday that it has fined three steel-forging manufacturers and two individuals €35 million ($42 million) for agreeing to pass on cost increases to customers including large auto companies.
The Bundeskartellamt, or Federal Cartel Office, said the suppliers had taken part "in an anti-competitive exchange of information," hijacking a working group that met three times a year from at least October 2002 to December 2016.
Andreas Mundt, the cartel office's president, said the information shared by the cartel included the manufacturers' pricing strategies and negotiations with suppliers and customers.
"The aim was to pass on cost increases...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!