Corrugated cardboard boxes (Spain)
CDC has filed a EUR 670.17 million damages action before the Spanish courts on behalf of 210 companies affected by the Spanish corrugated cardboard cartel, seeking compensation, including interest, for the losses caused by the anticompetitive practices identified by the Spanish Competition Authority (CNMC in Spanish). The claim, admitted by the Court on 21 October 2026, represents a major step towards securing compensation for the companies harmed by the cartel.
CNMC decision finding a cartel infringement
On 18 June 2015, the CNMC issued a decision imposing administrative fines totalling EUR 57,686,187 on 18 companies active in the manufacture of paper for corrugated cardboard, corrugated cardboard itself and corrugated cardboard packaging, as well as on a trade association, for breaching Spanish and EU competition law. Although the decision was annulled by judgments of the Spanish Audiencia Nacional handed down between December 2018 and January 2019, the annulment was based on the expiry of the statutory deadline for completing the administrative proceedings. Accordingly, the court did not ultimately rule on the merits concerning the existence and scope of the cartel.
According to the CNMC decision, the investigated anticompetitive practices constituted a single and continuous infringement of Article 1 of Act No. 5/2007, of 3 July, on the Defence of Competition (LDC in Spanish) and Article 101 of the Treaty on the Functioning of the European Union, between at least January 2002 and May 2013, qualifying as a cartel and consisting of:
- In the Spanish paper market, the issuance, through the trade association, of collective recommendations on paper price increases and the coordination of responses to a European magazine for the compilation of the benchmark price index.
- In the Spanish corrugated cardboard markets, multilateral and bilateral price-fixing, customer-allocation and information-sharing practices.
CDC's bundled claim enforcement model
Following the CNMC proceedings, CDC has pursued the enforcement of damages claims on behalf of companies affected by the cartel. Acting as assignee of their rights to compensation, CDC has brought together the claims of 210 companies that purchased corrugated cardboard boxes and packaging during the periods affected by the infringement.
These companies benefit from CDC’s more than 20 years of experience and expertise in Europe-wide antitrust claim enforcement, as well as from CDC’s full assumption of all litigation costs and risks.
CDC’s bundling model also enables the comprehensive collection and analysis of data, facilitating the preparation of robust damage assessments and the strongest possible presentation of evidence before the courts. Furthermore, the model enhances negotiating power vis-à-vis cartel members and ensures complete alignment of interests between the affected companies and CDC.
EUR 670.17 million damages action filed before the Spanish courts
On 23 September 2026, CDC filed a damages action before Commercial Section No. 1 of the Valencia Court of First Instance, seeking EUR 670.17 million in compensation, including interest, for the losses arising from the Spanish corrugated cardboard cartel. The claim was admitted by the Court on 21 October 2026.
The action consolidates claims assigned by 210 affected companies and is brought against AFCO and nine companies belonging to the Saica, Smurfit Westrock, DS Smith, International Paper, Hinojosa, Petit and Insoca groups, seeking to hold them jointly and severally liable for the damage caused by the cartel.
The claim covers both direct losses resulting from purchases made during the infringement period and the lingering effects of the cartel on market prices after its termination. It is supported by an independent econometric expert report. Further details on the claim, its economic assessment and the ongoing proceedings are available in CDC’s press releases below.
This damages action is separate from the recent investigation launched by the CNMC into the corrugated cardboard market.
This case is yet another example of CDC’s ability to turn complex competition law infringements into large-scale, evidence-based damages actions. By bringing together the claims of 210 affected companies and securing the admission of a EUR 670 million action before the Spanish courts, CDC once again demonstrates its leading expertise, commitment and effectiveness in ensuring that companies harmed by cartels can pursue the compensation they deserve, without bearing the costs and risks of litigation.
Further information: [Press release (EN)] | [Nota de prensa (ES)]