Financialright Trucks Launches New Collective Action Against Truck Cartel
Hamburg, March 4, 2024 – Leading LegalTech platform Financialright Trucks has officially announced the launch of a new collective action against the truck cartel, providing affected companies with one last opportunity to assert their claims without any financial risk. In addition to their classic assignment model, where Financialright Trucks will act on behalf of affected companies to pursue damages, they are also offering a full purchase of claims option, providing immediate compensation for cartel damages without the need for lengthy court proceedings.
The truck cartel has been the subject of legal disputes for years due to illegal price fixing. In July 2016 and September 2017, the European Commission confirmed the existence of the cartel. Financialright Trucks is now offering affected companies who have not yet pursued their claims another chance to receive fair compensation.
Dr. Sven Bode, Managing Director of Financialright Trucks 24 GmbH, explains, “The launch of this new collective action is another step in our mission to uphold the rights of those affected by large cartels and fight for fair compensation for damages.” He adds, “This approach provides the opportunity to pursue damages without any financial risk.” This is made possible through a “no-win-no-fee” approach, meaning that the legal service provider only receives a commission if the claim is successful, and all legal costs are covered by the provider. If the claim is unsuccessful, no costs are incurred for the customers.
The collective action allows those affected by the truck cartel to collectively pursue claims for damages caused by the illegal practices of the truck manufacturers. This approach has been recognized in case law, with the German Federal Court of Justice (BGH) considering it an effective means of enforcing claims.
Lawyer Dr. Katharina Kolb, a partner at Lieff Cabraser who is overseeing the proceedings and representing claims for over 50,000 trucks in parallel cases, explains, “The Federal Court of Justice’s approval of the bundled action offered by Financialright Trucks demonstrates the effectiveness of this approach in helping affected companies pursue their legal rights.”
The decision to offer a new class action was made in light of the recent ruling by the European Court of Justice on February 1, which confirmed the findings of the European Commission and the European Court of Justice that Scania was involved in the cartel along with other truck manufacturers.
Financialright Trucks’ offer is open to all companies who purchased or leased new trucks between 1997 and 2014 and have not yet pursued their truck cartel claims. The company is available to provide more information and discuss joining the class action through their website, www.anti-cartel-alliance.com.
Press Contact:
Dr. Sven Bode
presse@anti-cartel-alliance.com
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.