Corporate leaders in the EU are upset over the EU Commission regulators’ efforts to encourage a class-action lawsuit culture where citizens sue corporations for damages. American plaintiff law firms are responding. All of this results from a spate of illegal collusion cartels and other anti-competitive actions uncovered by EU investigators in recent years.
And now some corporate leaders are speaking out against this development, as reported in the Guardian. However, it is an uphill battle for corporations. For example, last August we covered a landmark Italian case which made it easier for consumers to sue for damages. Read the case and our commentary here.
And last September we pointed out how the EU was on the verge of revising its regulations to elevate antitrust fine limits in a bid to deter those companies who form cartels or abuse a monopoly. The EC was to raise the threshold for maximum fines to 30 percent of a company’s annual sales for each year it broke EU law, up from the current limit of 10 percent of total annual turnover.
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