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Marine HoseMarch 2014
We are acting for an extensive group of purchasers of marine hoses, including some of the biggest oil companies in the world, to recover losses from a global cartel which inflated the price of marine hoses. Marine hoses are specialist oil industry products used to load sweet or processed crude oil and other petroleum products from offshore facilities (for example buoys, floating production storage and offloading systems) onto vessels and to offload them back to offshore or onshore facilities (for example buoys or jetties).
In 2009, the European Commission found that a number of manufacturers of marine hoses (Bridgestone Corporation, Bridgestone Industrial Ltd, The Yokohama Rubber Company Limited, Dunlop Oil & Marine Limited (including ContiTech AG and Continental AG) Trelleborg Industrie SAS, Trelleborg AB, Parker ITR Srl, Parker Hannifin Corporation, and Manuli Rubber Industries SpA) had conspired between at least 1986 and 2008 to allocate tenders, fix prices, fix quotas, fix sales conditions, share geographic markets and exchange sensitive information on prices, sales volumes and procurement tenders. To access the Commission Decision please click here.
Proceedings were commenced against Dunlop & Marine Limited in the London High Court in July 2009 by Waha Oil Company, the second biggest oil producer in Libya, seeking damages. Waha subsequently commenced further actions against Trelleborg and Bridgestone for recovery of damages in December 2010. These actions subsequently were resolved.
Previously, in 2009, Hausfeld announced a groundbreaking global settlement agreement with Park ITR regarding its involvement in the marine hose cartel. The settlement allowed any purchaser of marine host from Parker 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 reside or where the marine hose was purchased from. That settlement agreement represented the first private resolution of a company's global cartel liability without any arbitration, mediation, or litigation - creating opportunities never before possible for dispute resolution and providing a new model for global cartel settlements going forward.
In the U.S., in In re: Marine Hose Antitrust Litigation, Master Docket No. 08-MDL-1888 (S.D. Fla.), the Court certified a class consisting of dozens of U.S. purchasers in an order on July 31, 2009 (Click Here to see the order). The case has since been fully settled with all settlements, totaly $31.7 million, having been finally approved by the Court as of February 18, 2011.
Practice Areas: Antitrust / Competition
» Parker ITR pleads guilty in US
» Cartel victim sues Dunlop Oil for damages
» Hausfeld Launches Marine Hose Action Against Dunlop in London High Court
» NOTICE OF PARKER MARINE HOSE GLOBAL SETTLEMENT
» Parker Sets Up Fund to Pay Victims in Hose Case
» Hausfeld Secures Automatic Settlements in Marine Hose Action
» 'Unprecented' Global Settlement Reached with Parker ITR in Marine Hose Cartel
» Groundbreaking Global Cartel Settlement
» Private Settlements Could Gain Steam, Lawyers Say
» Hausfeld Orchestrates 'New Model' for Global Cartel Settlements in Marine Hose Deal
» Hausfeld LLP Announces First-Ever Private Settlement of Global Cartel
» Antitrust Settlement Reached With Parker Hannifin
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