Daimler’s Spanish unit will be chargeable for cartel damages, EU courtroom adviser says By Reuters

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© Reuters. FILE PHOTO: Daimler AG signal is pictured on the IAA truck present in Hanover

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BRUSSELS (Reuters) – Daimler (OTC:)’s Spanish unit will be chargeable for damages sought by firms affected by the German carmaker’s function in a truck cartel sanctioned by EU antitrust regulators 5 years in the past, an adviser to Europe’s prime courtroom stated on Thursday.

The European Fee in 2016 handed out a then file 2.9 billion euros to the cartel which included Daimler, Swedish firm Volvo, Iveco, which is a part of Italian truck and tractor maker CNH Industrial (NYSE:), and DAF Vehicles, owned by U.S. firm Paccar (NASDAQ:).

“A nationwide courtroom can order a subsidiary firm to pay compensation for the hurt brought on by the anti-competitive conduct of its father or mother firm in a case the place the Fee has imposed a tremendous solely on that father or mother firm,” Giovanni Pitruzzella, advocate common on the Luxembourg-based Courtroom of Justice of the European Union (CJEU) stated in a non-binding opinion.

“For that to be the case, the 2 firms should have operated in the marketplace as a single endeavor and the subsidiary should have contributed to the achievement of the target and the materialisation of the consequences of that conduct,” he stated.

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