EU slaps billion-euro fine on European, Japanese car bearing suppliers

The European Commission announced Wednesday it had slapped fines totalling nearly 1 billion euros on a cartel of European and Japanese companies that supply ball bearings to car and truck manufacturers.

The six "companies colluded to secretly coordinate their pricing strategy vis-a-vis automotive customers for more than seven years" said the Commission in announcing the 953 million euros ($1.3 billion) in fines.