Truck cartel losses
In July 2016, the European Commission found that the major truck manufacturers – MAN, Volvo/Renault, Daimler, Iveco and DAF – had broken EU antitrust rules. FTA members who made purchases of medium or large trucks between 1997 and 2011 are likely to have suffered significant losses because of the cartel. FTA, working with asb law LLP, has sought a potential solution for members considering bringing damages claims.
asb is already acting for many FTA members and as well as its expertise, the approach identified will mean that members will have the benefit of being part of a large group in terms of: economies of scale; information sharing; and maximising their damages recovery. The size of the group also gives access to preferential funding. Importantly, FTA members will have the freedom to pursue their own cases in line with their businesses' interests, with each member’s case assessed on its own merits. Being part of the FTA group will not tie members into a class action and for many businesses bringing an individual claim will be the most cost effective and best solution.
asb advises that owing to both the European Commission finding and the truck manufacturers’ admissions, claims for compensation would be difficult for the manufacturers to defend. Damages would be awarded for losses and interest, with the price paid versus the price paid if the cartel had not existed estimated as being in the region of 10-25 per cent of the price of all trucks purchased between 1997 and 2011.
Members can choose to fund the claim in whichever way suits them best. Funding options include:
- preferential litigation funding terms (a form of no-win-no-fee – where a third party funder pays your legal fees and gets paid out of your damages)
- various types of tailored ‘no-win-no-fee’ agreement
- instructing the firm on a conventional hourly fee basis
asb law LLP has assembled a specialist team, including forensic accountants and economic experts, to gather evidence, calculate and pursue the likely value of the damages.
Read a briefing note prepared by asb law
Contact asb law by e-mail: email@example.com
Need more information?
If you are an FTA member and have a query regarding this topic, or need more information, contact our Member Advice Centre
Member Advice Centre