Volvo Provision Hints At Enormity Of Truck Cartel Decision
June 29, 2016, 1:28 PM EDT
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...