Speedometer malfunction on 1998 Volvo V70

I have 2 similar autos with same model year. At approx 100K miles the speedometer failed. Sometimes it would work fine on one car and then it stops giving the speed reading. This happened on the other one that has over 130K miles and it finally stopped completely, giving any speed readings.

The problem defies coincidence and should have been found in other cars - any suggestions? Oh yes the ABS light also stays on and when the speedometer fails - the cruise control also stops working.

Asked by for the 1998 Volvo V70
This is due to the ABS control module fault. The speedometer receives the vehicle speed signal from the ABS control module, and when there is a fault in the ABS system, it will stop sending the speed signal to the speedometer.
You'll need to have the ABS system checked, and I can tell you that the chances are the ABS Control Module is failing. There are companies that rebuild them, check this out: