At least 43 Finnish municipalities are seeking damages totaling €26.1M plus interest from Metsäliitto, Stora Enso and UPM for losses related to price cooperation between 1997 and 2004
December 23, 2011
– At least 43 Finnish municipalities are seeking compensation from Metsäliitto, Stora Enso and UPM-Kymmene, according to a statement issued on Dec. 20 by The Association of Finnish Local and Regional Authorities.
The municipalities have filed actions in the Helsinki District Court seeking damages for financial losses suffered as a result of a timber pricing cartel, the statement said.
The municipalities require Metsäliitto, Stora Enso and UPM-Kymmene to refund the damages they claimed the cartel caused. The total compensation bill is estimated at €26.1 million plus interest.
In Dec. 2009, the Finnish Market Court found Metsäliitto, Stora Enso and UPM-Kymmene guilty of price cooperation and exchanging information on wood purchases between 1997 and 2004. On Dec. 13, Finnish government forest enterprise Metsähallitus announced it was claiming €159.4 million in compensation.
The companies named have publicly denied their actions caused any damage to forest owners.
The primary source of this article is a statement issued by The Association of Finnish Local and Regional Authorities on Dec. 20, 2011.