One problem related to anti-lock brakes fail has been reported for the 1998 Volvo V70. The most recently reported issues are listed below.
While traveling on the highway, the air message appeared on the dashboard and codes were not correct. Dealer was aware of the problem. Ts the computer chip on the anti lock braking system failed. The mechanic stated that there were several other vehicle with the same problem. Volvo wouldn't repair the vehicle under warranty.