Schaeffler Settles Auto Bearings Price-Fix Claims For $21M

By Eric Kroh (June 15, 2017, 2:09 PM EDT) -- Automotive bearings maker Schaeffler Technologies AG & Co. KG has reached a $21 million agreement to settle allegations by purchasers that it joined a conspiracy to fix prices for the bearings, according to court documents filed in a Michigan federal court Wednesday.

Bearings companies DALC Gear & Bearing Supply Corp., McGuire Bearing Co. and Sherman Bearings Inc. asked U.S. District Judge Marianne O. Battani to approve the settlement with Schaeffler, its U.S. subsidiary Schaeffler Group USA Inc. and German affiliate FAG Kugelfischer GmbH, saying it was in the best interest of bearings purchasers. Schaeffler will also assist the purchasers with their...

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