ECJ advisor says non-market participant can claim cartel damages
29 July 2019 - 12:00 am UTC
European Court of Justice (ECJ) advisor Juliane Kokott has today (29 July) advised judges to rule that an entity that is not a market participant but only issues subsidised financing can make a claim for damages resulting from a cartel.
European Court of Justice (ECJ) advisor Juliane Kokott has today (29 July) advised judges to rule that an entity that is not a market participant but only issues subsidised financing can make a claim for damages resulting from a cartel.
In a non-binding opinion, the Advocate General (AG) concluded that Article 101 TFEU should be interpreted as protecting such lenders and that it could be possible to seek compensation for the fact that more loans were issued at below-market interest rates to develop housing as a result of the cartel.
The case concerns a damages claim against Otis, Kone, ThyssenKrupp and Schindler by the region of Upper Austria for alleged damages it suffered from the cartel’s indirect effect on subsidised loans it provides for construction projects, following 2007 European Commission (EC) and Austrian Cartel Court findings of market divisions for the installation and maintenance of elevators and escalators.