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SKF settles Daimler lawsuit over European ball bearings cartel



The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke

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 ($1.1 billion) 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