LONDON / BARCELONA – Vannin Capital, the global leader in legal finance, and Systema Capital – a private Family Office in Andorra – have announced an agreement to fund a major group damages claim in Spain related to the European truck cartel. The deal is believed to be the first of its kind in Spain.
The claim is for those affected by the truck manufacturers’ cartel which operated in Europe between 1997 to 2011, and which has been the subject of significant anti-competition fines from the European Commission. More than 200,000 trucks in Spain could have been affected during the 14 years the cartel was operating.
The truck cartel – which was comprised of MAN, Volvo-Renault, Iveco, Mercedes-Benz (Daimler), DAF, and Scania – was found to have colluded on sales price and, more specifically, passing onto buyers the costs of complying with polluting emissions regulations. A judgment issued in Germany in December 2017 opened the door to claims filed by thousands of truck purchasers across Europe, and the cartel was fined a record €3 billion by the European Commission. Scania remains the only company which has not yet admitted its responsibility and is currently awaiting the outcome of an appeal with the Court of Justice of the European Union (CJEU).
As part of the agreement, Systema Capital has provided funding for a first wave of up to 1,500 truck claims (representing an investment of approximately €1.5 million), with Vannin Capital providing up to €8 million of additional funding. Taken together, the agreement provides funding for an initial wave of up to 15,000 truck claims, with the total estimated damages to be pursued initially worth in excess of €200 million.
The action is being spearheaded by Andersen Tax & Legal in Barcelona, an independent law and tax firm operating worldwide as part of Andersen Global. To support the claim, a wider platform has been established involving a coalition of experts including NERA Economic Consulting – one of the leading consulting firms in the economic analysis of competition and damage estimates in the United States and Europe – and auditor PKF Attest.