When you are looking back at past events, 5 years doesn’t feel long. Following MAN leniency application in 2011, in 2016 Volvo has confirmed to set extra EUR 250million aside on top of the 400million since 2014. The case was rolling on which has also meant the end of the 14-year truck cartel period.
According to Financial Times reports, fines were to run into billions – reaching the highest ever penalty in the history of antitrust law. MAN, however - being the whistleblower – was not to receive any penalty.
The total fine against the involved truck makers – Volvo/Renault, Daimler, Iveco, and DAF reached a record EUR 2.92 billion by the European Commission. At this stage, Scania was still under investigation but was not to escape damages claims. Soon law firms have geared up for damage claims of truck owners who were deeply affected by the manipulation through the Cartel Years.
According to legal experts in Brussels the total number of vehicles affected would be 14 million. Experts deemed 10% a realistic overcharge estimate, so EUR 7,000 for a EUR 70,000 truck. Some have estimated the potential damages being as high as EUR 100 billion.
Germany, Netherlands, and UK based law firms have waited no longer to file damage claims against the six truck manufacturers.