Nexans S.A. (NEX.PA)

$992 million UK lawsuit against European power cable groups gets go-ahead

A 790 million-pound ($992 million) mass lawsuit against major European power cable suppliers over claims a cartel led to inflated electricity charges for British consumers can proceed to trial, a London tribunal has ruled. The case seeking damages from Italy's Prysmian, France's Nexans and Denmark's NKT for around 30 million consumers in Britain was certified by the Competition Appeal Tribunal (CAT) last month, according to a ruling published on Friday. Clare Spottiswoode, the former head of Britain's gas regulator, is spearheading the lawsuit, which follows on from the European Commission's 2014 finding that Prysmian, Nexans, NKT and others had operated a 10-year power cable cartel.