Hausfeld & Co LLP: Competition Appeal Tribunal to Hear Two Applications to Bring Collective Proceedings in Respect of Foreign Exchange Spot Trading Cartels
From 12 to 16 July 2021, the Competition Appeal Tribunal (CAT) will consider whether to approve an application to bring collective proceedings (FX Claim UK) brought by Phillip Evans, the proposed class representative, and a former Inquiry Chair at the UK’s Competition and Markets Authority. The claim is brought against entities forming part of the following banking groups: Barclays, Citibank, The Royal Bank of Scotland/NatWest, JPMorgan, UBS and MUFG Bank.
Each of the banks has admitted infringements of EU competition law in relation to foreign exchange spot trading. Mr Evans’ proposed claim seeks compensation from the banks on behalf of proposed classes of persons who it is alleged have suffered losses due to the banks’ participation in those infringements.
The CAT has issued a legal notice concerning this hearing, which can be found here.
Mr Evans has instructed Hausfeld & Co LLP, a leading disputes-only specialist law firm, to conduct the claim. Hausfeld & Co LLP’s US affiliate, Hausfeld LLP, is co-lead counsel in the US FX class action, which recovered over $2.3 billion for those affected by FX misconduct in the US.
Mr Evans’ application asks the CAT to approve the claim as eligible to proceed as a collective proceeding on behalf of eligible entities and individuals and approve Mr Evans to act as the class representative.
The CAT will hear Mr Evans’ application at the same time as another application for permission to bring collective proceedings relating to the foreign exchange spot trading cartels, filed by Michael O’Higgins FX Class Representative Limited. As a result, the CAT may have to decide which of the proposed class representatives is the most suitable to act as the class representative. This would be the first time that the CAT has been asked to resolve a so-called ‘carriage dispute’ in relation to collective proceedings.
Any person with an interest in the two applications (including the proposed class members) may object to either or both of the applications or the authorisation of either or both of the proposed class representatives by writing to the CAT stating their reasons for objecting by 4pm on 4 May 2021. Those persons may also apply for permission to make written and/or oral submissions at the hearing in July by making such an application to the Tribunal, supported by reasons, by 4pm on 4 May 2021.
Phillip Evans commented: “It is in the interests of class members that questions of certification and carriage are resolved as soon as possible. I welcome the Tribunal’s decision to list the certification hearing for July 2021.”
Subject to any arrangements arising from the Covid-19 pandemic, the hearing will take place at the Competition Appeal Tribunal, Salisbury Square House, 8 Salisbury Square, London EC4Y 8AP. For information on how to take part in the Tribunal’s consideration of the two certification applications by submitting written observations or applying to be heard at the hearing in July, please visit www.fxclaimuk.com and view the CAT’s legal notice here.
Access this press release in different languages:
+44 7930 439739
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
C3 AI and Baker Hughes to Provide Enterprise AI Solutions to Accelerate PETRONAS Digital Transformation Program26.2.2021 17:00:00 EET | Press release
C3 AI (NYSE: AI) and Baker Hughes today announced an artificial intelligence (AI) collaboration with PETRONAS, a global energy and solutions company from Malaysia, to apply BakerHughesC3.ai (BHC3) technology across PETRONAS’s strategic digital transformation programs. As the custodian of Malaysia's national oil and gas resources, PETRONAS runs an extensive digital transformation program across energy operations to extract value from data. The adoption of AI as part of its overall program for improved oil and gas productivity, asset integrity, and safety supports PETRONAS’s commitment to provide clean, efficient energy solutions by harnessing the power of technology. PETRONAS will work with energy technology, data science, and AI experts at Baker Hughes and C3 AI to collaborate on projects focused on improved reliability of energy assets in critical operations. Utilizing Microsoft Azure, PETRONAS will deploy the BHC3™ Reliability application to further improve maintenance programs for g
Avania in Position for Next Stage of Growth26.2.2021 16:00:00 EET | Press release
Avania, a leading global full-service contract research organization (CRO) focused on medical technology (MedTech) development, today announced that it has successfully refinanced its existing banking facilities with Crescent Capital Group. “This new banking facility allows us to accelerate our next phase of organic and acquisitive growth over the next few years,” said Edo van Houten, CFO of Avania. “This transaction is also a reflection of the progress we have made in our brand strategy and position in the market, and it demonstrates the confidence of the financial community in our operational and strategic plan.” Avania has navigated confidently through the COVID-19 pandemic, posting a strong year of growth in 2020 despite the pandemic. The company will continue its growth trajectory as a global MedTech-focused CRO, supporting products from concept through post-market support. MedTech is all Avania does, navigating innovative medical technologies to market effectively and efficiently
Ipsen Receives Positive CHMP Opinion Recommending Cabometyx® in Combination With Opdivo® as First-line Treatment for Patients Living With Advanced Renal Cell Carcinoma26.2.2021 14:37:00 EET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval for Cabometyx® (cabozantinib) in combination with Bristol Myers Squibb’s Opdivo® (nivolumab) for the first-line treatment of advanced renal cell carcinoma (aRCC). The European Commission, which has the authority to approve medicines for the European Union (E.U.), will now review the CHMP recommendation and a final decision on the application in the E.U. is expected in the coming months. “Advanced renal cell carcinoma is a disease that significantly impacts the lives of people around the world. We’re proud to be able to share that the CHMP has confirmed a positive recommendation for Cabometyx® in combination with Opdivo®, bringing this impactful new treatment option one step closer for patients,” said Howard Mayer, Executive Vice President and Head of Research and Development, Ipsen. “At Ipsen, w
Hiro Capital Leads $15 Million of Games VC Investment Into Snowprint Studios, Double Loop Games and Happy Volcano Games26.2.2021 11:55:00 EET | Press release
Three international video game studios are the latest investments for Hiro Capital, the entrepreneur-led Venture Capital fund focused on backing innovators in Video Games, the Metaverse, Esports and Digital Fitness. The three mobile and cross-platform studios – Snowprint in Stockholm/Berlin, Double Loop Games in San Francisco and Happy Volcano in Belgium – will use Hiro’s investment to expand their development pipelines and accelerate global growth. They join UK and US Games studios Flavourworks, Polyarc and Lightfox in the Hiro Capital portfolio, alongside pioneers in the gamification of Games Streaming and Digital Fitness LIV.tv, Edgegap, FitXR and Nurvv. Ian Livingstone, co-founding partner at Hiro Capital, said, "We are excited to begin 2021 by announcing Hiro's investment in three amazing games studios, Snowprint, Double Loop and Happy Volcano. Each studio has demonstrated innovation and expertise in developing fun to play games which resonate with today’s audiences. I’m especiall
Inspur Information Releases 2020 Global Computing Index Report26.2.2021 11:07:00 EET | Press release
Inspur Information, a leading IT infrastructure solutions provider, has sponsored an International Data Corporation (IDC) white paper on the 2020 Global Computing Index (henceforth referred to as The Report). As the world’s first index report on computing, The Report unveils the relationship between computing power and economic development and serves as a reference for the outlook of the global digital economy. Global digital transformation has entered a phase marked by exponential growth in innovation, with the size of the digital economy projected to continue on an upward trend. As a key factor that underlies digital technology development, computing is now defining the productivity of the digital economy era. According to The Report, economic growth directly correlates with the development of computing—one point of growth in the computing index translates to a 3.3‰ rise in the size of the digital economy and a 1.8‰ growth in GDP. Specifically, AI computing market share is projected
Incyte Announces the Validation by the European Medicines Agency of its Marketing Authorization Application for Retifanlimab as a Treatment for Patients with Squamous Cell Anal Carcinoma (SCAC)26.2.2021 11:00:00 EET | Press release
Incyte (Nasdaq:INCY) today announced the validation of the Company’s Marketing Authorization Application (MAA) for retifanlimab, an intravenous PD-1 inhibitor, as a potential treatment for adult patients with locally advanced or metastatic squamous cell anal carcinoma (SCAC) who have progressed on, or who are intolerant of, platinum-based chemotherapy. The European Medicines Agency’s (EMA) validation of the MAA confirms that the submission is sufficiently complete to begin the formal review process. “While the incidence of SCAC is increasing in Europe, treatment options for advanced disease are limited in their effectiveness, and there are no approved options once patients have progressed on standard therapy,” said Lance Leopold, M.D., Group Vice President, Immuno-Oncology Clinical Development, Incyte. “The EMA validation of the MAA for retifanlimab – which follows the recent U.S. Food & Drug Administration acceptance of our Biologics License Application for Priority Review – brings us
WDR expands HD capacity with SES on ASTRA 19.2 degrees East26.2.2021 10:50:00 EET | Press release
The leading German public broadcaster Westdeutscher Rundfunk (WDR), regional member of the ARD broadcasting group operating in North Rhine-Westphalia, has expanded its partnership with SES to secure an additional transponder for High Definition (HD) programming on ASTRA 19.2 degrees East orbital position in a multi-year contract. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210225006378/en/ WDR expands HD capacity with SES on ASTRA 19.2 degrees East (Photo: Business Wire) Starting 3 March 2021, viewers in the region will be able to receive WDR’s entire programming in HD quality, including the popular "WDR Lokalzeit", a regionally focused program produced by WDR’s numerous local studios. Viewers who do not own an HD-capable television set will continue to receive WDR's programming in SD format until termination of SD transmitting. “Delivering reliable and high-quality free-to-air regional TV news and entertainment content i
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom