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Spain : The Commercial Court of Madrid grants damages amounting to €2.6 million in application of the “umbrella effect” doctrine (Realia)

The Commercial Court of Madrid has granted damages amounting to €2.6 million in a follow-on action based on the decennial reinsurance cartel. Although the claimant was not a customer of the reinsurance companies part of the cartel, the Commercial Court condemned the cartelists to pay damages in application of the “umbrella effect” doctrine. In November 2009, the former Spanish Competition Authority (“CNC”) fined five reinsurance companies for fixing minimum prices of ten-year insurance contracts to cover construction damages (inherent defects) in buildings. The infringement lasted between 2002 and 2007. In May 2017, property developer Realia lodged a complaint before the Commercial Court of Madrid, claiming compensation for the damages suffered as a result of the anticompetitive conducts

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Paloma Martínez-Lage Sobredo, Spain : The Commercial Court of Madrid grants damages amounting to €2.6 million in application of the “umbrella effect” doctrine (Realia), 9 juin 2020, Concurrences N° 3-2020, Art. N° 96360, pp. 191-192

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