$992 mln UK lawsuit against European power cable groups gets go-ahead [Reuters]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
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Source: Reuters
inflated electricity charges for British consumers can proceed to trial, a London tribunal has ruled. The case seeking damages from Italy's Prysmian, France's Nexans and Denmark's NKT for around 30 million consumers in Britain was certified by the Competition Appeal Tribunal (CAT) last month, according to a ruling published on Friday. Report this ad Clare Spottiswoode, the former head of Britain's gas regulator, is spearheading the lawsuit, which follows on from the European Commission's 2014 finding that Prysmian, Nexans, NKT and others had operated a 10-year power cable cartel. Her lawyers argue that the companies overcharged network operators for cables and that those costs were passed on to consumers, which the defendants deny. Prysmian, Nexans and NKT's lawyers did not oppose Spottiswoode's case being certified at a hearing last month, but they raised concerns over how any damages might be distributed. The CAT said the case should be certified subject to Spottiswoode'
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