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Billions in compensation from Booking after the class action lawsuit?
Dear Insider,
I saw them myself two weeks ago: the countless unoccupied beach loungers on the Italian Mediterranean coast. For me, it's the vacation picture of the year. Neither locals nor tourists want to pay over €30 and certainly not €50 or €60 per day for sun loungers and umbrellas. The evidence lies a few meters away in the sand: on the towel, under your own little parasol, like sardines in a tin next to each other. It's cheaper.
In today's extremely comprehensive issue after the summer break, this topic pops up again and again, including in the eight chain balance sheets of recent weeks as well as in medium-sized hotel groups. Consumption is falling, demand is beginning to crumble. It can no longer be overlooked or ignored.
Don't cry, read on. I have a good mood topic for the Booking.com haters among you. At least 15,000 hotels have so far joined the pan-European class action against the OTA and the best price clause, HOTREC reported yesterday. These include the largest chains in Europe as well small guesthouses. The lead lawyer behind this lawsuit and coordinator of previous Booking proceedings is very, very confident of winning this case. The antitrust lawyer from the renowned German law firm Schneider Geiwitz & Partner explains his logic in a six-page interview. He expects a "ten-digit figure" as compensation. Billions are at stake.