The plaintiffs were a group of direct purchasers of paraffin wax which is a derivative of crude oil and is used predominately in the manufacture of candles. In 2008, the European Commission found that for over a decade the European manufacturers of paraffin wax had engaged in a sustained price- fixing cartel. The cartelists included ExxonMobil, Royal Dutch Shell, ENI, Total, and Sasol.
John Ramirez (prior to joining Econ One) was retained by counsel for the plaintiffs to assess the economic damages sustained by the plaintiffs as a result of the cartel’s anticompetitive behavior. Using the plaintiffs’ transactional purchasing records, Mr. Ramirez directed the development of econometric models to quantify the extent to which the plaintiffs were overcharged on their purchases of paraffin wax. As claimants in European litigation generally are not entitled to any overcharge that was passed on to their customers, Mr. Ramirez also directed the construction of econometric models to measure how changes in the price of paraffin wax affected candle prices during the cartel period.