On 11 December, Hausfeld filed an application to commence an opt-out collective action against six UK banks over their five year participation in unlawful foreign exchange spot trading cartels. The Hausfeld team advising on the case prepared the UK claim following its review of two European Commission decisions in May 2019. The decision found that the banks participated in two FX spot trading cartels and imposed fines exceeding €1 billion.
Phillip Evans, former Inquiry Chair at the Competition and Markets Authority, proposes to bring a collective action, as class representative, against certain entities in the Barclays, Citigroup, JPMorgan, MUFG Bank, RBS/NatWest and UBS banking groups, seeking to recover damages on behalf of two classes of persons to compensate those affected by the cartels.
FX Claim UK differs to the other claims filed in the High Court and CAT in that it involves two separate classes and it also brings claims against MUFG Bank.