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Hausfeld & Co LLP: Competition Appeal Tribunal to Hear Two Applications to Bring Collective Proceedings in Respect of Foreign Exchange Spot Trading Cartels

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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.

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Matt Baldwin
Coast Communications
matt@coastcommunications.co.uk
+44 7930 439739

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