Private Settlements Could Gain Steam, Lawyers Say

Law360 (March 6, 2009, 12:00 AM EST) -- The privately brokered settlement between accused marine hose cartelist Parker ITR and global purchasers of marine hose could provide a basis for other settlements, but should not be seen as a cut-and-paste model, antitrust attorneys say.

The deal, announced by claimants' firm Hausfeld LLP on March 6, was touted as the “first ever private settlement of a global cartel.”

Under the settlement, non-U.S. claimants, including oil companies and other direct and indirect purchasers of marine hose, agree to release any claims against Italy-based Parker ITR in exchange for a slice of a “high, seven-figure euro” settlement fund, according to Hausfeld attorney...

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