header-logo header-logo

03 March 2016 / Simon Duncan
Issue: 7689 / Categories: Features , Banking
printer mail-detail

The hungry CAT fallacy

001_nlj_7689_duncan

Simon Duncan reports on class actions in the UK & LIBOR/FX claims

The Consumer Rights Act 2015 introduced a private right for consumers to bring proceedings attacking anti-competitive practices by businesses, such as price fixing. This has been effective since 1 October 2015. Will the new law encourage more class actions to be brought against banks for LIBOR and FX price fixing?

Under the pre-existing regime only a “specified body” could bring a claim to the Competition Appeal Tribunal (the CAT) and that claim restricted to goods or services received outside of the claimants’ business. Only one claim was brought in 12 years, it was The Consumers Association v JJB Sports PLC [2009] CAT 3. In that case Which? (the specified body) sought to recover losses suffered by victims of a replica football kit cartel. Only 130 claimants opted in, a fraction of those affected. Each claimant received compensation but the legal costs significantly outweighed this. Which? then stated that it would not bring any more claims.

New regime

The new regime includes any

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

WSP Solicitors—David Ashcroft & Jessica O’Shea

WSP Solicitors—David Ashcroft & Jessica O’Shea

Commercial property and child law teams expand with senior hires

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Set expands London and Singapore offering with senior international disputes hires

Gilson Gray—Gregor Duthie & Stephen Forsyth

Gilson Gray—Gregor Duthie & Stephen Forsyth

Firm strengthens real estate and litigation teams with partner promotions

NEWS
Behind the profession’s polished exterior, lawyers are ‘internally drained rather than physically tired’, according to a stark assessment of burnout in legal practice
Five years after the Domestic Abuse Act 2021 came into force, concerns remain that the family courts continue to minimise allegations of abuse in child contact disputes
Uber has built a formidable strategy for insulating itself from liability for drivers’ conduct, but the legal terrain differs sharply between the US and England and Wales
The Civil Justice Council’s review of Part III of the Solicitors Act 1974 could mark the end of what one commentator calls an ‘outdated’ and overly technical regime governing solicitor-client fee disputes
The House of Lords (Hereditary Peers) Act 2026 marks a constitutional watershed by severing the centuries-old link between hereditary titles and automatic membership of the upper chamber
back-to-top-scroll