Munich trucks cartel: Validity of claims vehicle mulled in giant damages action
25 October 2019 - 12:00 am UTC
The validity of assigned damages claims to a litigation vehicle and of the underlying action came under the spotlight as one of Germany’s largest follow-on actions arising from the truck cartel was heard before Judge Gesa Lutz in Munich’s District Court (24 October).
The case sees Financialrights Claims GmBH (Financialrights) seeking damages of EUR 600m plus interest on behalf of approximately 3,200 potentially injured parties from around 20 EU member states. The claims have been assigned to Financialrights on behalf of the German hauliers’ association ‘Bundesverband Güterkraftverkehr Logistik und Entsorgung’ (BGL) and represent more than 84,000 individual truck acquisitions.
Amongst other issues the court considered fundamental questions surrounding the validity of the statement of claim, whether Financialrights had a legitimate right to bring the claims to court and whether the ultimate claimants had validly assigned their claims to the vehicle.
The court heard that…[continued].
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