The regulatory process is like a pregnancy: long and slow, with a blur of milestones leading to the moment of birth. Did Europe’s new antitrust regime arrive when the European Parliament adopted the directive on antitrust damages actions in April? Or will it be born when the Council of Ministers gives its imminent final approval? In an area of law where private enforcement is key, perhaps the best test is the confidence shown by the plaintiffs bar. The Oct. 1 opening of a Brussels office by global antitrust leader Hausfeld LLP is as good a moment as any to declare: This baby is viable. “Private enforcement in Europe has arrived,” says Hausfeld’s Brussels founding partner, Laurent Geelhand.
Yet European companies are still leaving on the table billions that can be claimed from cartel members or market-abusive suppliers. Geelhand knows—because he recovered over $100 million from cartels over the past decade, as general counsel of Michelin Group Europe and a pioneering client. “It is not a declaration of war,” says Geelhand, in what can only be taken as a declaration of war, “but there is a duty to the shareholders to be compensated.”
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