CAT to hear two FX cartel claims this week

The Competition Appeal Tribunal (CAT) will hold a hearing on Thursday 13 February to consider the future case management of two competing collective actions involving six major banks.

The actions relate to unlawful foreign exchange spot trading cartels and in December 2019, specialist litigation firm, Hausfeld, filed an opt-out collective action (FX Claim UK) against Barclays, Citibank, The Royal Bank of Scotland, JPMorgan, UBS and MUFG Bank on behalf of Phillip Evans.

Evans, a former inquiry chair with the Competition and Markets Authority, has proposed to represent the interests of thousands of participants in the foreign exchange market by claiming damages for the harm alleged to have been caused by the banks’ unlawful conduct – which took place between 2007 to 2013.

“I believe strongly in ensuring that the UK has an effective collective redress regime, so that those affected by anti-competitive conduct are compensated,” Evans commented.

“This case concerns serious misconduct in a very important market, and I have been working with Hausfeld to carefully prepare FX Claim UK following the European Commission’s two decisions, which were announced in May 2019.”

The CAT, a judicial body with expertise in law, economics, business and accountancy, hears and decides cases involving competition or economic regulatory issues.

The future case management of Evans’ claim will be considered alongside a similar application filed to the CAT – by Scott+Scott – on behalf of Michael O’Higgins FX Class Representative Limited in July 2019.

The two applications will compete for certification and the CAT will need to decide which is more suitable to act as the class representative – which is the first time that this issue will be considered by the English courts.

The hearing is scheduled to start at 10am on Thursday 13 February, lasting for two days.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.