Key Takeaways
- • A Munich court set a damages benchmark for customers overcharged by the long-running truck cartel, with Volkswagen's MAN ordered to repay 5% of the net price paid for heavy-duty trucks and 1% for medium-duty trucks purchased from 1997 to 2009.
- • Daimler Truck Holding AG was ordered to pay 3.7% of the net price for heavy trucks and 4.2% for medium-duty trucks, which often serve as supermarket delivery vehicles.
- • The ruling, announced by the court in an emailed statement on Wednesday, provides a crucial reference point for the billions of euros in damages being sought by truck buyers.
Summary
A Munich court has established a key benchmark for the multibillion-euro damages claims brought by truck purchasers who were overcharged as a result of a long-running price-fixing cartel among truckmakers, according to Bloomberg. The court said in an emailed statement on Wednesday that it had ruled on the level of compensation owed by two of the cartel's participants.
Volkswagen AG's MAN must reimburse plaintiffs 5% of the net price they paid for heavy-duty trucks and 1% for medium-duty trucks purchased between 1997 and 2009, the judges ruled. Daimler Truck Holding AG must pay 3.7% for heavy trucks and 4.2% for medium-sized trucks, a category that often serves as supermarket delivery vehicles.
Because the figures are set at the level of individual cartel participants and product categories, they are likely to inform the wider wave of damages litigation against truckmakers. The differing rates for MAN and Daimler Truck underscore that liability percentages vary by manufacturer and vehicle class. The ruling is a significant reference point for the financial exposure of the truck manufacturers involved in the cartel.
Volkswagen AG's MAN must reimburse plaintiffs 5% of the net price they paid for heavy-duty trucks and 1% for medium-duty trucks purchased between 1997 and 2009, the judges ruled. Daimler Truck Holding AG must pay 3.7% for heavy trucks and 4.2% for medium-sized trucks, a category that often serves as supermarket delivery vehicles.
Because the figures are set at the level of individual cartel participants and product categories, they are likely to inform the wider wave of damages litigation against truckmakers. The differing rates for MAN and Daimler Truck underscore that liability percentages vary by manufacturer and vehicle class. The ruling is a significant reference point for the financial exposure of the truck manufacturers involved in the cartel.
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