Hours before a damages trial was scheduled to start on June 23, truck parts manufacturer Eaton Corp. agreed to pay rival Meritor Inc. $500 million to settle allegations that Eaton shut Meritor out of the market for truck transmissions. The deal is one of the largest private antitrust settlement awards in a decade, according to Meritor.

Antitrust litigator Jay N. Fastow is a longtime member of the legal team representing Meritor in the case. Mr. Fastow, formerly with Dickstein Shapiro, joined Ballard Spahr’s New York office in February.

Meritor sued Eaton in 2006, alleging that Eaton was liable for anticompetitive behavior when it signed an anticompetitive supply agreement with its truck transmission customers. After winning the liability verdict in 2009, the company suffered a setback two years later when a federal judge in Wilmington, Delaware, ruled that it wasn’t entitled to any damages. The U.S. Court of Appeals for the Third Circuit reversed the damages verdict and upheld the liability verdict.

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