The UK Competition Appeal Tribunal rules on first ever carriage dispute in UK FX Cartel Class action (Evans / O’Higgins)

On 31 March 2022, the Competition Appeal Tribunal ('CAT') refused to certify two claims advanced against a number of UK banks for their participation in a foreign exchange spot rate manipulation cartel as opt-out collective proceedings. The novel issue before the CAT at the certification hearing was a 'carriage dispute', whereby it was invited to consider which of the two rival applicants looking to bring an opt-out claim would be most suitable to represent the interests of the class members. By declining to certify either claim on an opt-out basis, the CAT effectively side-stepped the issue. Key takeaways The CAT has jurisdiction both to certify collective proceedings on a basis other than that which is applied for by a class representative and to strike out any claim on its own

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Authors

  • Ashurst (London)
  • Ashurst (London)
  • Ashurst (London)

Quotation

Tim West, Euan Burrows, Max Strasberg, The UK Competition Appeal Tribunal rules on first ever carriage dispute in UK FX Cartel Class action (Evans / O’Higgins), 31 March 2022, e-Competitions March 2022, Art. N° 106814

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