An industry body for truckers is planning to seek nearly £4 billion compensation from truck manufacturers that were found guilty of price fixing.
The Road Haulage Association (RHA) said it plans to sue MAN, Volvo Group, Daimler, Iveco and DAF following a European Commission fine in 2016 over price fixing.
Richard Burnett, chief executive of RHA, said: “Affected UK truck owners have paid too much for lorries over a 14-year period, and we are determined to get a fair deal.
“They have made clear they feel angry about the cartel and want us to represent them.
“This is a chance to get their compensation with no risk to their business or finances.”
Burnett said that the compensation could amount to £3.9bn, based on truckers receiving £6,000 for each of the 650,000 trucks sold during the time period. However, it is unlikely that everyone affected will sign up to the agreement.
The group of five truck manufacturers was fined £2.46bn last year for fixing prices between 1997 and 2011.
— RHA News (@RHANews) June 14, 2017
At the time, Daimler said: “The company has strengthened its internal controls and has intensified its regular and comprehensive employee training with regard to antitrust law and competition law.”
Meanwhile Martin Lundstedt, Volvo president and CEO, said: “While we regret what has happened, we are convinced that these events have not impacted our customers. The Volvo Group has always competed for every single transaction.
“We have taken these events very seriously from the outset and our full cooperation with the Commission resulted in a very substantial reduction in the fine.”