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SKF settles Daimler lawsuit over European ball bearings cartel

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SKF settles Daimler lawsuit over European ball bearings cartel
FILE PHOTO: The Daimler is seen during a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau/File Photo   -   Copyright  REGIS DUVIGNAU(Reuters)
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STOCKHOLM (Reuters) – SKF <SKFb.ST> has reached a settlement with Daimler <DAIGn.DE> 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 (849.44 million pounds) 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.

(Reporting by Esha Vaish in Stockholm; Editing by David Holmes)

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