Mixed messaging on FX class action from Competition Appeal Tribunal

Yesterday the Competition Appeal Tribunal handed down its judgment on the certification and carriage of the UK FX claim.

In a mixed bag of results, the CAT ruled that the claim should be certified as a collective proceeding, but as an #opt-in action rather than #opt-out.

It is also ruled that - although not an opt-out proceeding - if it were to continue as one that they would decide carriage in favour of Phillip Evans.

Leading disputes firm, Hausfeld, who are bringing the claim are seeking to appeal the ruling.

“The CAT has refused to allow these claims to proceed other than on an opt-in basis which, as I testified to the CAT, is impracticable. It also means that thousands of UK businesses will be denied the chance to recover compensation in relation to illegal conduct which the banks have admitted and in relation to which they have paid billions of dollars in compensation to affected customers in the US and Canada.”