Brazil Hits 6 Cement Cos. With $1.4B In Cartel Fines
Law360, New York (May 29, 2014, 2:04 PM EDT) -- Brazil's competition watchdog on Wednesday slapped six cement companies with a combined 3.1 billion reais ($1.4 billion) in fines and ordered the firms to sell off certain assets for allegedly participating in a price-fixing cartel for two decades.
The Administrative Council for Economic Defense, known as CADE, took the punitive action after an eight-year investigation uncovered emails, notes and numerous other documents showing that the companies agreed on set prices, market shares and customer allocation while actively blocking out new competitors.
"The cartel conduct ceased on the day the dawn raid was carried out, but its effects last until today, since...
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