Spain: The Audiencia Provincial of Madrid reverses a first instance decision of 2.6 million euros in damages caused by the Spanish insurance agreement, agreeing with the appellants’ argument that the plaintiff passed on the surcharge to its customers (Insurance Cartel)

The Provincial Court of Madrid (Audiencia Provincial de Madrid) has overturned a first instance judgment which ordered insurance companies Asefa, S.A. Compañía Española de Seguros y Reaseguros (Asefa) and Scor Global P&C, S.E (Scor) to pay EUR 2.6 million to the property developer Realia Business S.A. (Realia) for damages arising from the ten-year property insurance cartel. The Audiencia Provincial de Madrid, following the appellants’ arguments, has denied Realia any compensation considering that Realia’s customers bore the extra costs caused by the cartel. In November 2009, the Spanish Competition Authority (CNC) fined the Spanish insurance companies Asefa, Mapfre and Caser, and the reinsurers Swiss Re, Scor and Münchener EUR 120.7 million for implementing a cartel to fix minimum

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Beatriz Sanchez-Ortiz, Rafael Allendesalazar, Spain: The Audiencia Provincial of Madrid reverses a first instance decision of 2.6 million euros in damages caused by the Spanish insurance agreement, agreeing with the appellants’ argument that the plaintiff passed on the surcharge to its customers (Insurance Cartel), 19 May 2022, Concurrences N° 3-2022, Art. N° 108370, p. 122

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