Financialright Trucks Launches New Collective Action Against Truck Cartel
Hamburg, March 4, 2024 – Today, the well-known LegalTech platform Financialright Trucks officially announced the launch of a new collective action against the truck cartel. This comes as a final opportunity for affected companies to assert their claims without risk of financial burden. In addition to the traditional model of assigning claims to Financialright Trucks for legal representation, a new option of purchasing claims outright is also being offered. This allows affected companies to receive an immediate payment for their damages claims without having to wait for lengthy legal proceedings against the truck cartel.
The truck cartel has been the subject of legal disputes for several years due to its illegal price-fixing practices. In 2016 and 2017, the European Commission confirmed the existence of the cartel through its decisions. Now, Financialright Trucks is offering a chance for companies who have not yet pursued their claims to seek compensation.
According to Dr. Sven Bode, Managing Director of Financialright Trucks 24 GmbH, which will represent the claims as a legal service provider, “The initiation of this new collective action is another step in our mission to fight for the rights of those affected by large cartels and to secure fair compensation for their damages.” He further explains, “This approach provides the opportunity to pursue damages claims without any financial risk.” This is made possible through a “no-win-no-fee” approach, where the legal service provider only receives a commission if the claim is successful and covers all legal costs. If the claim is unsuccessful, no costs are incurred for the customers.
The collective action allows those affected by the truck cartel to collectively seek compensation for damages caused by the illegal practices. This approach has gained traction in case law, and the German Federal Court of Justice (BGH) recognizes it as an effective means of enforcing claims.
Lawyer Dr. Katharina Kolb, a partner at Lieff Cabraser, who is overseeing the proceedings and is already representing claims related to over 50,000 trucks in parallel proceedings, states that “The Federal Court of Justice’s confirmation of the bundled action offered by Financialright Trucks shows that this is a sensible and efficient way to help affected companies to pursue their rights.”
Financialright Trucks made the decision to offer a new class action following the judgment of the European Court of Justice on February 1, which confirmed the findings of the European Commission and the European Court of Justice that Scania participated in the cartel, just like the other truck manufacturers.
This offer is open to all companies that purchased or leased new trucks between 1997 and 2014 and have not yet pursued their truck cartel claims. Financialright Trucks is available to provide further information and discuss joining the class action.
Interested companies can now register for free at www.anti-cartel-alliance.com.
Press Contact:
Dr. Sven Bode
press@anti-cartel-alliance.com
Distributed by https://pressat.co.uk/
