One of earliest cases taken on by Hausfeld’s London team, included the first ever global cartel private damages settlement with marine hose manufacturer Parker ITR.
Marine hoses are used to transport crude oil to and from ships for transportation from production sites. On 28 January 2009, the European Commission adopted a decision finding that several manufacturers of marine hoses (including Bridgestone, Yokohama, Dunlop, Trelleborg, Parker ITR and Manuli Rubber Industries) had conspired between at least 1986 and 2008 to fix prices of marine hoses. The Commission imposed fines of €131 million.
Hausfeld acted for a group of more than 50 corporate clients that purchased marine hoses, including some of the biggest oil companies in the world, in actions against the participants in the global cartel.
The case involved complex issues relating to applicable law and economic analysis. Proceedings were issued in 2009 against Dunlop Oil & Marine and in 2010 against Bridgestone and Trelleborg; these were later stayed by consent and ultimately resolved on confidential terms in 2013.
In 2009 Hausfeld negotiated a ground-breaking global settlement agreement with Parker ITRwhich allowed any purchaser of marine hose from Parker ITR anywhere in the world, other than direct purchasers of marine hose in US commerce, to claim compensation in respect of losses arising from the cartel, irrespective of where they resided or where the marine hose was purchased from.