* Belgium - Europe's top truck makers could face 100 billion euro cartel damages claim
--- Litigation management company Bentham Europe plans to fund a potential 100 billion euro ($110 billion) damages claim against Europe's biggest truck makers after they admitted to operating a 14-year price cartel... Bentham said on Monday it intends to back a group action on behalf of truck buyers who fell victim to the cartel involving Volvo, Daimler, Paccar's DAF, CNH Industrial's Iveco and Volkswagen's MAN... Four truck makers were fined a record 2.9 billion euros by EU regulators in July for price fixing and passing on to customers the costs of complying with stricter emission rules... Volkswagen's MAN escaped a fine after it blew the whistle, but all five conceded that they had operated a cartel between 1997 and 2011 apart from VW stablemate Scania, which remains under investigation... Bentham Europe, owned by funds managed by U.S. investment firm Elliott Management (one of the "vulture" funds), estimates that 10 million trucks were sold across the EU in the period and that each one was overpriced by about 10,500 euros...
(Photo from REUTERS, by Fabian Bimmer - The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016) -- Brussels, Belgium - Reuters, by Kirstin Ridley / David Goodman - Nov 14, 2016Labels: litigation, truckmakers news Europe
![[Valid Atom 1.0]](valid-atom.png "Validate my Atom 1.0 feed")
0 Comments:
Post a Comment
<< Home