19
Sat, Oct
52 New Articles

Sorainen Successful for Eurocash1 in Lithuanian Supreme Administrative Court

Sorainen Successful for Eurocash1 in Lithuanian Supreme Administrative Court

Lithuania
Typography

Sorainen has successfully defended the interests of Eurocash1 in a dispute involving a prohibited vertical agreement that lasted over eight years.

According to Sorainen, "an agreement was made among G4S and the three biggest banks in Lithuania. According to the agreement, the banks were obliged to buy cash-handling services exclusively from G4S. A complaint about the agreement was brought to the Competition Council by Eurocash1, which convinced the Council that G4S had violated the law. The Court confirmed the conclusions drawn by the Council and [upheld] the fine of EUR 2.7 million against G4S. In the opinion of the Council, the agreement infringed competition law. This conclusion was drawn at the beginning of the case, as well as after a reinvestigation by the Council by order of the Court.

Vytautas Labeckas, CEO of Eurocash1, was pleased with the result: “I am happy that we did not give up fighting for justice since the beginning of the process in 2009 but consistently worked towards this aim. Finally, yesterday the Court found a forbidden vertical agreement. I strongly believe that the losses incurred by Eurocash1 will be compensated.”

Sorainen Partner Daivis Svirinas, who led the firm's team representing Eurocash1, commented on the case's relevance: “This case has significant importance, for at least two reasons. Firstly, since the beginning of this case the opportunities for other cash-collectors to compete in the market significantly increased when the illegal agreement was terminated, even though the negative consequences are still being felt. What is also important to note is that the Court confirmed that the biggest players in the market cannot abuse their power to affect fair competition, and smaller players in the market cannot give up under pressure from bigger players. This is also a significant victory and an important point of note for players in other sectors, that one should fight for rights that are violated.”

Svirinas was assisted by Sorainen Senior Associate Monika Malisauskaite.

Lithuanian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

Our Latest Issue