Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Daimler refuse trucks were in cartel, EU court rules in damages case

Published 08/01/2022, 05:02 AM
Updated 08/01/2022, 08:25 AM
© Reuters. FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016.  REUTERS/Fabian Bimmer/File Photo

BRUSSELS (Reuters) -Refuse collection trucks were included in a European truck cartel the European Commission fined in 2016, the top EU court ruled on Monday, opening the door to claims from buyers of these vehicles.

The case was referred to the EU court in relation to a claim in 2016 for damages by the German district of Northeim against Daimler (OTC:DDAIF) over two refuse trucks it bought in 2006 and 2007.

The claim followed a 2.93 billion euro ($3.00 billion) fine by the European Commission for truck producers, including Daimler, for participating in a cartel.

Daimler argued that refuse collection trucks were not covered by the Commission's cartel finding because they are specialised vehicles, which an EU request for information in excluded.

The Court of Justice of the European Union said the request for information did not define the products covered by anti-competitive conduct.

"The decision of the European Commission ... must be interpreted as meaning that specialised trucks, including household refuse collection trucks, fall within the scope of the products covered by the cartel found in that decision," court said at the end of its ruling.

Daimler said that while it accepted the court's decision, this only answered one of many questions that courts in German states are asking regarding claims for damages.

© Reuters. FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016.  REUTERS/Fabian Bimmer/File Photo

It said the court had not made any specific comment on damages and the company remained convinced that its customers had not suffered any.

($1 = 0.9764 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.