Two prominent Japanese shipping companies, NYK and MOL, have reached a settlement in a long-standing UK case that accused them of colluding to fix prices in the vehicle shipping industry. This case mirrors similar global complaints that have revealed a cartel-like behavior among car carriers to manipulate pricing. While many of these allegations were initiated by regulators, such as the European Union, which imposed a €395 million fine in 2018, the UK case was unique as it was filed as a class action on behalf of car buyers.
Mark McLaren, the lead attorney, estimated the case’s value at £150 million when it began in 2000. He praised the settlement, emphasizing that it provides consumers and businesses an effective means to recover losses incurred due to cartel activities they could not pursue individually. Over a decade, from October 2006 to September 2015, approximately 17 million vehicles were affected, with major brands like Ford, Volkswagen, and BMW facing inflated shipping costs.
The settlement, amounting to £54 million ($72.3 million), resolves allegations that the companies coordinated rates and shared sensitive information to maintain high shipping prices. Cian Mansfield, Managing Partner of Scott+Scott UK, noted the significance of this settlement for UK consumers and businesses, marking a groundbreaking instance of damages being distributed under the opt-out regime. Further settlements from other involved companies have also been reached, contributing to a total expected compensation of £92.75 million ($124 million) for those impacted by the price-fixing scheme.
