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OFT fines contractors £129m for rigged bids

Release Date:: 09 October 2009
Source:: Property Week

The Office of Fair Trading has landed a blow against the recession-hit construction industry over bid rigging. On 22 September it fined 103 companies a total of £129.5m for illegal practices such as “cover pricing”. Now, contractors are preparing their retaliation

Richard Gerstein, partner in construction litigation at law firm Mishcon de Reya, expects litigation from some procurers. “If they can show that the price they’re paying as a result of the cover pricing was more than was reasonable, they’ve potentially got a claim.”

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