The White Paper on Private Antitrust Damages in Europe: Channeling Nostradamus?
Using the skills made famous by the extremely late competition lawyer Nostradamus, the author discusses the forthcoming White Paper to be published by the European Commission around the end of 2007. Since no actual or authentic White Paper is presently on offer, the author discusses selected issues from a virtual (e.g., nonexistent, arguably imaginary) White Paper of his own devising.
I. Collective Actions for Consumers. The author presents the results of recent studies of class actions for damages in the U.S.A. and suggests lessons from the American experience which may be drawn in providing some form of collective or aggregate damages actions for consumers in Europe.
II. Damage Multipliers, Prejudgment Interest, and Passing- On. The impact of rules for these items on the prospect of successful, balanced private enforcement in Europe. In particular, a discussion of the interrelationship between these items and collective actions, and between damage multipliers and prejudgment interest.