According to reports, Eaton recently reached a settlement with Meritor and will pay US$500 million to the latter to understand the 2006 anti-monopoly litigation, thus avoiding possible damages of up to US$2.4 billion.
In 2006, Meritor and its subsidiary ZFMeritor accused Eaton of violating the monopoly law. The jury in 2009 ruled that Eaton had obtained 90% of the US truck transmission market by providing exclusive operating contracts and kickbacks, which caused damage to Meritor.
The federal court in Wilmington, United States, was originally scheduled to hear the case a few days ago. Meritor had planned to seek damages of US$800 million in the courtroom. According to the US anti-monopoly law, the above amount of compensation will be granted once it is passed in court. It will automatically double to $2.4 billion.
Meritor and Eaton reached a $500 million settlement on the eve of the opening of the trial. Meritor is expected to receive $209 million on July 15 and plans to use the funds to pay for US and UK pension plans.
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