'Assessing Antitrust Damages in Follow-on Actions Against Cartels': 3CL Travers Smith/CELS seminar
Update: 2023-03-09
Description
Over the last decades, private enforcement of competition (antitrust) law has picked up significantly in the UK and Europe. Most cases concern follow-on actions for damages against cartel members for infringements of Art. 101 TFEU and/or respective national prohibitions. Whereas early judgments have clarified issues of international jurisdiction and the general prerequisites for such claims, more recent cases deal with the quantification of harm caused by cartels to individual plaintiffs. From a theoretical perspective, assessing the cartel overcharge is a rather straightforward mathematical operation. Put simply, the overcharge is to be calculated on the basis of a comparison of the prices under cartel conditions and those prices that would have been charged absent the anticompetitive agreement. In practice, however, courts face a multitude of challenges when trying to quantify antitrust damages. One of the key questions is whether the assessment must be grounded on economic expert opinions or whether courts can freely estimate the amount of damages. The talk will discuss the approaches taken by different courts in the UK and Europe and will focus on the role of economic experts.
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