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European Truckmakers Face €100 Billion Claim for Price Fixing
Five of Europe’s largest commercial truckmakers could face a combined claim for as much as €100 billion ($108 billion) in damages for fixing prices over a 14-year period.
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Five of Europe’s largest commercial truckmakers could face a combined claim for as much as €100 billion ($108 billion) in damages for fixing prices over a 14-year period.
Reuters reports the group action is backed by London-based litigation funder Bentham Europe Ltd., a venture between Australia’s IMF Bentham and U.S. hedge fund Elliott Management. The lawsuit will target DAF (Paccar) Daimler, Iveco (CNH Industrial), MAN (Volkswagen) and Volvo Truck.
The truck companies admitted in July to fixing prices between 1997 and 2011 and paid a fine of €2.9 billion ($3.1 billion). European Commission regulators continue to investigate VW’s Scania truck unit.
Bentham estimates that 10 million commercial trucks were sold in the EU during the period at prices inflated by an average €10,500 each, according to Reuters.
In third-party litigation funding, a backer pays for filing and conducting a lawsuit in exchange for a percentage of an eventual settlement, if there is one. Bentham says it will announce later which law firm will bring the group complaint and where the case will be filed.
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