Specialist litigation firm Bentham Europe is planning to fund a damages claim on behalf of truck owners against the truck makers embroiled in a 14-year long price fixing arrangement.
The claim against Volvo, Daimler, DAF, Iveco and MAN is expected to be worth as much as €100 billion ($AU143 billion) in damages.
EU regulators slugged four of the European manufacturers with 2.9 billion in fines, while MAN was given lenience for blowing the whistle and Scania is still being investigated for its involvement.
Bentham Europe is a joint venture between Australian-listed IMF Bentham and American hedge fund Elliot Management. It is also currently funding lawsuits against VW for its emissions scandal in the US.
“Bentham is determined to bring the opportunity to recover the overcharges to the attention of as many truck purchasers as it can and enable these victims of the cartel collectively to seek redress,” Bentham Europe’s Chief Investment Officer Jeremy Marshall said.
“Claims against the truck cartel are expected to be one of the largest-ever compensation claims resulting from a cartel ruling,” he added.
