1 / 6

The Opportunity for Indian Importers and Exporters

The Opportunity for Indian Importers and Exporters. To recover an estimated 10% of the value of air freight purchases to/from the EU over at least 2000-2006; With minimal risk and manageable time/attention by you. The Air Cargo Cartel.

shelley-whitney
Download Presentation

The Opportunity for Indian Importers and Exporters

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Opportunity for Indian Importers and Exporters • To recover an estimated 10% of the value of air freight purchases to/from the EU over at least 2000-2006; • With minimal risk and manageable time/attention by you.

  2. The Air Cargo Cartel • 30 leading airlines illegally fixed prices of fuel and other surcharges; • Freight forwarders passed on the inflated fuel surcharges to their customers.

  3. Criminal Investigations into the Cartel • The US Department of Justice has obtained guilty pleas from 9 airlines including BA; • A senior BA executive had pleaded guilty; • c$1bn in criminal fines imposed on the airlines to date; • We have negotiated a settlement of US$85m with Lufthansa for its US liabilities only; • We are one of the class counsel in the US civil class action and lead class counsel for non-US plaintiffs.

  4. The Position in the EU • The EU Commission is investigating the cartel: Decision expected in Q1 2009; • Decision expected to find most airlines guilty and impose heavy fines; • That Decision on the airlines’ liability must be applied by any national court in the EU as regards those airlines subject to it; • To recover for shipments to/from/within the EU a claim must be made in the EU.

  5. The Proceedings in the English High Court • On 18 September we launched proceedings on behalf of named importers against BA; • The case should be about the amount of the losses caused, not the fact of the loss (which will be established by the EU Commission Decision); • The claims against BA are on a “joint and several basis” for losses caused by BA to each claimant PLUS all losses caused by other cartelists; • The claims will be on behalf of an ever-growing group of claimants – there is real strength in numbers; • The objective is to secure settlement from as many airlines as are willing to settle on reasonable terms.

  6. We are acting on a “no-win, no-fee” basis: claimants will not be required to pay our legal fees; • We have obtained extensive insurance against the risk under the “loser pays” rule of claimants having to pay defendants’ legal costs if the case is lost; • Clients have agreed to stick together as a group by entering into a “Collective Claims Agreement”; • Expert Barristers, economists and accountants are engaged and support Cohen Milstein’s litigation/settlement strategy.

More Related