Volvo Provision Hints At Enormity Of Truck Cartel Decision

Law360, New York (June 29, 2016, 1:28 PM EDT) -- Volvo AB may be one business feeling a little bit grateful that Brexit has taken over the news in the last few days. A press release it issued on Saturday appears to have barely made a ripple, even though it announced a pretty large increase in what was already a huge accounting provision.

The announcement I am talking about is of a €250 million increase to an existing provision of €400 million for a European Commission investigation into an alleged cartel between truck manufacturers. Other manufacturers have also made large provisions resulting in the total amount provisioned now exceeding €2.5 billion....

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