Advised Nuovo Trasporto Viaggiatori in Margin Squeeze Complaint

We advised Nuovo Trasporto Viaggiatori S.p.A. ("NTV"), an Italian High Speed Train, on a possible margin squeeze complaint against Trenitalia S.p.A., an Italian incumbent train operator. In particular, NTV complained that the fees levied for access to the national rail network were excessive as they resulted in NTV and an equally efficient competitor providing high-speed rail passenger services at a loss. As a result of the complaint, the Italian Competition Authority (“ICA”) opened an investigation against Trenitalia, which was eventually resolved with the ICA accepting commitments from Trenitalia.