FX Cartel

The Case

Therium funded a potential opt-out collective proceeding before the Competition Appeal Tribunal (CAT) brought by economist Michael O’Higgins against five global investment banks, each of which was found by the European Commission to have operated illegal foreign exchange spot trading cartels over a period of five years. The claim seeks damages of more than £1bn resulting from what has been widely described as the “Forex Cartels”

Why It’s Significant

The matter is significant because of the scale of impact of the FX Cartel. The case is notable as the first claim in the CAT being brought on an opt-out basis for claimants other than consumers and the first where there are two competing opt-out class cases.