Swedish auto safety systems supplier Autoliv on Monday (2 June) said it had agreed to settle three antitrust class actions in the United States for US$65m.
In a statement, it said it would pay $40m, $6m and $19m respectively to settle three class actions pending in the United States District Court for the Eastern District of Michigan (MDL). The class actions were brought on behalf of three separate alleged classes of purchasers of occupant safety systems in the United States – direct purchasers, auto dealers and ‘end-payors’ or consumers.
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“In entering the settlement agreements, Autoliv does not admit any liability and is settling for the purpose of avoiding the uncertainty, risk, expense and distraction of further class action litigation in the MDL,” the company said in the statement.
The direct purchaser settlement could be adjusted as low as $24m based on the volume of Autoliv’s sales represented by direct purchasers who elect to opt out from the settlement class.
“Each settlement agreement gives Autoliv the option to void that settlement if the opt-outs from the settlement class exceed varying thresholds,” the supplier added.
Each settlement is also subject to court approval among other conditions.
The Reuters news agency said the settlements were 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, windscreen wipers, air conditioning systems, power window motors and power steering components and that the lawsuits were initiated by different US purchasers of Autoliv’s safety systems.
In 2012, Autoliv agreed to pay a fine of $14.5m in the price-fixing investigation, and pleaded guilty, Reuters added.
Other auto parts companies that the US Justice Department’s antitrust division has already settled with include Takata, Tokai Rika, TRW Deutschland Holding, Nippon Seiki, Furukawa Electric and Fujikura.
