The cornerstone of a competitive market economy is businesses that operate fairly and freely. In this way, consumers can choose from different options and access quality products at the most affordable prices. Unfortunately, some businesses may engage in cartels in violation of the Competition Act to gain unfair profits. This situation harms both consumers and the national economy.
So, what is a cartel and how does it form?
Cartel means that more than one firm restricts competition by agreeing on issues such as price, production quantity or market share. These agreements may be written or verbal and may be conducted secretly. The most common examples of cartels include price fixing, market sharing and bidding.
What are the consequences of violating the Competition Law?
If the Competition Board detects a cartel, it may impose fines on the relevant companies. These penalties can go up to a certain percentage of the companies’ turnover.
What can cartel victims do?
Consumers and businesses who suffer damage due to violation of the Competition Law may claim the damages they have suffered by filing a lawsuit for compensation. A compensation lawsuit can be filed after the Competition Board’s decision is finalized.
What should be taken into consideration in a cartel compensation case?
In order to file a compensation lawsuit, the Competition Board must have determined the cartel violation and this decision must have become final.
The damage in question must be directly related to the cartel violation.
The amount of damage must be proven with evidence.
How long do cartel compensation cases take?
Cartel compensation cases can take a long time because they are complex cases. The litigation process may vary depending on the evidence the plaintiff will prove and the intensity of the court.
Is it necessary to get the help of a lawyer in cartel compensation cases?
Cartel compensation cases are legally complex cases. Therefore, it is important to seek help from an attorney to protect your rights in these cases.
