GCR Awards 2024 nominate Hausfeld FX Claim UK

Each year Global Competition Review (GCR) celebrate the achievements of the world’s leading lawyers, economists, enforcers and academics working on the biggest antitrust cases, through a series of team, firm and individual awards.

FX Claim UK was shortlisted in the Litigation of the year – Cartel prosecution category, where GCR recognises creative, strategic and innovative litigation on behalf of plaintiffs in a private action for cartel damages.

In this landmark collective action brought against 6 major global banks on behalf of thousands of class members concerning cartels in the FX market claim with an estimated value of £3 billion, Hausfeld acts for Phillip Evans, the applicant.  It is the first opt-out collective action brought primarily on behalf of businesses which the courts have allowed to proceed.

The Competition Appeal Tribunal heard Mr Evans’ application in July 2021, alongside a competing application by Michael O’Higgins Class Representative Ltd, leading to a ‘carriage dispute’ to determine which of the applicants was more suitable to act as class representative.

Following a hearing in April 2023, and in a pivotal judgment with important ramifications for the UK’s collective action regime, the Court of Appeal overturned the Tribunal’s decision to limit the claims to opt-in proceedings, finding that the case should proceed on an opt-out basis and confirmed the Tribunal’s decision to grant carriage to Mr Evans. It set down guidance for the case management of future carriage disputes.

The winners will be announced at GCR’s 14th Annual Awards Ceremony on 9 April in Washington, DC.