Competition boutique Hausfeld is partnering with litigation funder Burford Capital to offer a financing package for UK claimants to pursue follow-on damages claims against the participants in a truck manufacturing cartel.
In July last year, the European Commission (EC) found truck manufacturers MAN, Volvo/Renault, Daimler, Iveco and DAF had operated a 14-year price-fixing cartel. As a result, the EC fined the cartelists a record-breaking €2.93bn, aside from MAN, which under EU leniency rules received full immunity for revealing the existence of the cartel.
In a statement, Hausfeld said that Burford will fund ‘the ongoing costs of litigation’ and will protect claimants against any adverse cost exposure.
Any business in the European Economic Area that suffered financial loss as a result of paying higher prices for trucks as a result of the cartel is entitled to claim compensation.
The announcement from Hausfeld and Burford means that new claimants in the UK can be funded to come forward and seek damages, adding to other UK-based actions from Royal Mail and the Road Haulage Association (RHA). London-based Hausfeld partner Scott Campbell will be leading for the firm.
Campbell told Legal Business he expects the claim value to rise into ‘the hundreds of millions’ and that a ‘large group of corporate claimants’ had already signed up.
Berwin Leighton Paisner (BLP) partners Andrew Hockley and Edward Coulson are leading for Royal Mail’s claim. The RHA action, which is fully funded by Therium Capital, is being led by Backhouse Jones partner Steven Meyerhoff.
Quinn Emanuel Urquhart & Sullivan partner Boris Bronfentrinker has been instructed on Daimler’s UK defence, with Freshfields Bruckhaus Deringer’s global antitrust litigation head Jon Lawrence and partner Bea Tormey defending Volvo-owned Renault in the UK and several EU jurisdictions.
Iveco has enlisted Herbert Smith Freehills partner Kim Dietzel, while MAN has instructed Slaughter and May.