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In Ethylene Cartel Follow-On Litigation, Amsterdam Court Dismisses Claims Against Analysis Group Client

5 August 2026

Analysis Group was retained by White & Case and Houthoff on behalf of defendant Vestolit, a polymer chemicals business unit of Orbia, in connection with follow-on litigation related to the European Commission’s 2020 finding that Vestolit participated in an infringement related to ethylene procurement along with other major chemical companies. In two separate antitrust matters, ethylene sellers Shell Chemicals Europe and Repsol brought damages claims against Vestolit, alleging that the defendants’ coordination on the ethylene monthly contract price (MCP) caused the MCP – and the resulting price of ethylene – to be set too low.

An Analysis Group team led by Principal Chris Feige, Vice President Philipp Tillmann, and Managers Arjun Dasgupta and Elena Nota provided a damages assessment in both matters. Mr. Feige submitted expert reports and testified at a hearing in March 2026 in the District Court of Amsterdam; his testimony focused on an assessment of the plausibility of the claimants’ damages analysis and the economic impact of the alleged infringement.

The District Court of Amsterdam dismissed both claimants’ damages claims against Vestolit. Adopting Mr. Feige’s critiques of the claimants’ damages theories, the court found the asserted effect of the cartel’s communication on the MCP was not plausible.

Associated People

Arjun Dasgupta

Arjun Dasgupta

Manager

Mr. Dasgupta specializes in the application of economic and financial theory to questions arising in complex litigations and arbitrations. He has advised on a range of valuation issues, including cost of capital, country risk premiums, and dividend growth models. Mr. Dasgupta has previous experience across varied industries, including energy, water, aviation, and telecommunications, and has advised clients on financing requirements, risk assessments, and optimal pricing strategies. Prior to joining Analysis Group, he worked in the economics and strategy teams at BT Group, advising on strategic investments in the telecommunications sector and valuation during acquisitions and divestments. He also previously worked at an economics consulting firm, where he supported economic experts in a range of commercial disputes and international arbitrations in the UK, Spain, the Philippines, and Belize.

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Chris Feige

Chris Feige

Principal

Mr. Feige specializes in the areas of finance, securities, and financial markets. He has worked on and managed a range of securities and valuation projects in the UK and Europe. Mr. Feige has been appointed as expert in Dutch court to provide valuation and securities claims reports in support of Steinhoff’s global securities settlement, and gave evidence in the Dutch Enterprise Chamber regarding the valuation of Getir. He has also managed teams evaluating shareholder reliance and disclosure materiality and estimating counterfactual share prices in UK Financial Services and Markets Act (FSMA) Section 90A litigation matters. Mr. Feige has supported experts analyzing the volume of false and spam accounts on Twitter, Twitter’s information security infrastructure, Twitter’s data privacy and compliance with a US Federal Trade Commission (FTC) consent decree, and share price and valuation issues on behalf of Twitter in Twitter v. Musk in which Elon Musk eventually purchased Twitter at his initial offer price. In cases involving alleged market manipulation in the foreign exchange (FX) and IBOR markets, he has analyzed trade data and evaluated alleged manipulation strategies. Mr. Feige worked on USA v. Richard Usher, et al., and the Foreign Exchange Class Antitrust Litigation, analyzing FX trade and chat data, as well as competition issues; preparing experts for testimony at trial; and providing data analyses and consulting support to counsel throughout the projects. He has also worked on a range of international arbitration cases, including valuation, damages, and competition analyses. In addition, he has developed complex valuation models, including discounted cash flow models, and analyzed asset-backed securities, collateralized debt obligations, and other securitized products in support of expert testimony in a number of bankruptcy and damages matters. Mr. Feige has also worked on a number of international arbitrations valuing defaulted sovereign debt, expropriated oil fields, and retail operations. His work has been published in several industry journals.

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Elena Nota

Elena Nota

Manager

Ms. Nota specializes in applying economic and financial theory to merger-related questions and complex litigation primarily in matters involving securities and finance, antitrust and competition, and intellectual property (IP) infringement. Her work has included assessing competitive effects faced by merging parties in different jurisdictions, valuing claims in the context of securities litigation matters and settlement discussions, and evaluating whether IP licensing rates are FRAND-compliant. Ms. Nota has also completed a secondment as an economic advisor to the UK’s Competition and Markets Authority.

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Philipp Tillmann

Philipp Tillmann

Vice President

Dr. Tillmann is an economist who specializes in the application of microeconomics, econometrics, and statistical methods to litigation matters, investigations, and strategy assignments. He has served as an expert witness and has supported expert witnesses, managed case teams, and conducted analyses in merger, cartel, abuse of dominance, and other matters across a broad range of industries and jurisdictions, including in the EU, the US, Canada, the UK, and Australia.

He regularly assists clients across all phases of merger cases, from pre-announcement through investigation, litigation, and compliance monitoring. His clients include merging parties, the US Department of Justice (DOJ), the Federal Trade Commission (FTC), and state attorneys general.

Dr. Tillmann holds a Ph.D. in economics from the University of Chicago, and his research has appeared in outlets such as the Journal of Competition Law & Economics and the American Journal of Political Science. He has taught economics to undergraduate and graduate students at The University of Chicago, the University of Rochester, and the University of Cologne.

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