UK tribunal gives go ahead for lawsuit against Europe power cable-makers [Yahoo! Finance]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
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Source: Yahoo! Finance
The Competition Appeal Tribunal (CAT) last month certified the case, which alleges that Italy's Prysmian, France's Nexans, and Denmark's NKT overcharged British consumers. The ruling was published on 3 May, setting the stage for a trial that seeks damages on behalf of about 30 million consumers in Britain. The lawsuit is led by Clare Mary Joan Spottiswoode, the former head of Britain's gas regulator. It stems from the European Commission's 2014 decision, which found that Prysmian, Nexans, NKT, and other companies were involved in a decade-long power cable cartel. The legal team representing the consumers contends that the inflated costs for cables were ultimately borne by the end-users, a claim the defendants contest. While the defendants' lawyers did not object to the certification of Spottiswoode's case, they expressed concerns regarding the distribution of any potential damages. The CAT has stipulated that the case's certification is contingent upon the claimants' lawy
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News
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