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European truck makers could face £13bn price-fixing lawsuit

British law firm Weightmans is applying to lodge a class action suit against Volvo, Daimler, Iveco, MAN and DAF, the Telegraph reported

European truck makers could face up to £13bn in damages after they were accused of price fixing, the Telegraph reported.

British law firm Weightmans is applying to lodge a class action suit against Volvo, Daimler (ETR:DAI), Iveco, MAN and DAF, according to the paper.

Buyers of the trucks could have been ripped off to the tune of £20,000, Weightmans estimates.

It said that 650,000 trucks were sold during the time the cartel existed, meaning the claim could be as large as £13bn.

Five years ago, the European Commission said that the five truck firms colluded to fix prices over the course of 14 years from 1997 to 2011.

Weightmans has applied to the Competition Appeal Tribunal to bring a collective claim for damages on an opt-out basis. That means claimants can go their own way if they wish, but that the company will seek compensation on their behalf if they do not.

The hearing was in April and the firm is waiting for a decision, said Laurence Pritchard, head of competition law at Weightmans.

A Daimler (ETR:DAI) Trucks spokesman said: “We thoroughly assess all customer claims and will vigorously defend ourselves against unjustified claims. The European Commission has not made any findings in its decision with respect to possible damage to customers.

“This also illustrates the high hurdles that exist for plaintiffs. Plaintiffs must demonstrate in detail that the exchange of information in fact led to a concrete damage. Considerable internal time and effort will be required to furnish that proof and customers will ultimately not be in the position to meet that threshold.”

Read More: European truck makers could face £13bn price-fixing lawsuit

2022-01-10 07:02:00

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