Caterpillar and GE investigation for price fixing

Financial News Network
May 31, 2011 AT 8:00 PM
EU regulators said they had reason to believe Caterpiller and GE may have violated price fixing rules. Both companies said on Monday that European Commission antitrust officials conducting a probe of possible collusion among producers of industrial piston engines had inspected them last week. Caterpillar and GE confirmed that their offices had been raided, and said the company is fully cooperating with officials. The dawn raids occurred on May 25th, and are the first step in probes that could potentially result in fines of up to 10% of yearly revenues.