Category: Cartels
German financial authorities to investigate major car makers over suspected cartel
The Federal Financial Supervisory Authority (BaFin) for Germany has confirmed with German newspaper, Handelsblatt, that they will indeed be “examining whether VW and Daimler respected their duty to inform markets following their allegedly reporting themselves to the authorities” of alleged wrongdoing.
On top of that, Volkswagen and Daimler have reportedly admitted to colluding amongst themselves and other carmakers to discuss sensitive business topics. In exchanging such information and advice, the car makers may be guilty of creating a cartel, which is prohibited in EU law as they can be harmful to the market and its consumers.
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Truck Cartel – our experience in group actions
The companies involved in the truck cartel have received fines from the Commission of over 2.9 billion Euros. This has stemmed from a cartel that was uncovered by a whistle blower involving several major truck manufacturers.
Companies who bought heavy to medium duty trucks may be able to claim damages due to the truck cartel being investigated for breaches of the Competition Act 1998 and the Enterprise Act 2002.
Due to the truck companies involved being international and supplying to the EU, the companies also reportedly breached The Treaty of the Functioning of the European Union, thus breaching EU law.
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Truck Cartel Group Action
The European Commission found that a number of truck companies had engaged in anti-competitive behaviour for some 14 years. It was found that the truck companies had been price fixing and distorting the implementation of new emissions technology into their vehicles.
The European Commission has imposed fines on the companies totalling some 2.93 billion Euros for participating in the cartel.
Our Group Action Lawyers are on the case – read on for more information, and if you are affected, we might be able to help you claim compensation.
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