British road hauliers have obtained no-win-no-fee backing in a £3.9bn price fixing claim against some of the world’s largest truck manufacturers.
Financial support of a claim by the Road Haulage Association (RHA) has been secured from Therium Capital Management, a specialist litigation funder.
The RHA is seeking compensation from MAN, Volvo Group, Mercedes-Benz parent company Daimler, Iveco and DAF. It claims vehicles sold and leased back to them were done so at inflated prices by the so-called “cartel” of truck manufacturers.
The proceedings follow a decision by the European Commission last July to fine the firms £2.6bn for anti-competitive practices.
Early indications suggest compensation could be in the region of £6,000 per lorry with an estimated 650,000 vehicles affected.
The RHA is urging those companies that have purchased or leased new or second-hand trucks direct from manufacturers (including Scania) or dealers from 1997 onwards to join the claim. It said there was no need for them to be RHA members.
Richard Burnett, the chief executive of the RHA said truck owners had potentially overpaid over a 14 year period. He added:
[Our members] have made it clear that they feel angry about the truck pricing cartel and want us to represent them.
There’s no cost to joining the claim, or any other risks if the claim is unsuccessful.
The compensation claim will be brought before the Competition Appeal Tribunal. A date is yet to be set but it is understood that the tribunal will be convened in the next few months.