SKF says BMW files lawsuit in wake of cartel settlement (updated)

NSK

04/11/2016 11:34

(Adds detail, background) 
    Nov 4 (Reuters) - SKF  SKFb.ST  said on Friday German 
automaker BMW  BMWG.DE  had opened a lawsuit against the Swedish 
company and other bearings makers, the latest carmaker to do so 
in the wake of a 2014 EU settlement of a bearings cartel probe. 
    * SKF says informed of initiation of lawsuit pertaining to 
settlement with the European Commission. 
    * Says has been informed of initiation of a lawsuit, with a 
claim for damages, by BMW and several group companies against 
bearing manufacturers, including SKF. 
    * SKF says amount of damages, if any, should SKF be found 
liable, is at this stage not possible to determine. 
    * EU antitrust regulators in March 2014 fined SKF and 
several other suppliers a total of 953.3 million euros ($1.06 
billion) for taking part in a ball bearings cartel. [http://www.reuters.com/article/us-eu-automakers-idUSBREA2I0PS20140319 
] 
    * SKF said in Friday's statement the settlement decision 
made no finding that SKF's top management had involvement in, or 
knowledge of, the conduct at issue. 
    * "Furthermore, SKF strongly believes that the activities 
sanctioned by the European Commission have not caused any damage 
to its business partners," SKF said. 
    * SKF shares fall 2.0 pct by 1130 GMT. 
    * In the wake of the EU settlement, Peugeot filed a lawsuit 
against several bearings makers in March this year related to 
the case  urn:newsml:reuters.com:*:nFWN16H04E 
    * Japan's NSK  6471.T  said in its second quarter results 
Peugeot and 18 of its subsidiaries were seeking 484.5 million 
euros in damages. 
 
Further company coverage:  SKFb.ST  
 
 
($1 = 0.9011 euros) 
 
 (Reporting By Johan Ahlander and Niklas Pollard, editing by Mia 
Shanley) 
 ((johan.ahlander@thomsonreuters.com;)) 
 
Keywords: SKF BMW/CARTEL LAWSUIT