EU: Cartels could soon be hit with class actions

The European Commission is set to reveal proposed legislation that would allow class actions to bring cases against companies that formed price-fixing cartels. The move would allow consumers harmed from those cartels to ban together and seek damages from those businesses that violated antitrust law on top of any damages issued by regulators. Sixteen countries that are part of the European Union currently allow for consumers to seek damages, but, according to reports, the differing rules and legal procedures between countries means private actions are generally rare. A report by the European Commission issued three years ago found that there is more than $26 billion in unrecovered damages from antitrust lawsuits every year. The Commission is reportedly looking to land some of that money in the hands of victimized consumers with the proposals, which would reportedly set common standards and requirements for all members of the 27-nation bloc.

Full Content: Reuters

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