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Litigation? Don’t bank on it

13 May 2016 / Stephen Critchley
Issue: 7698 / Categories: Features , Banking
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Stephen Critchley considers which alleged competition law abuses by the banks are likely to lead to damages actions & which aren’t

In recent years, the world’s leading banks have been accused of breaching the antitrust laws of the US, Europe and other jurisdictions.

Results have varied. In Europe, for instance:

  • the Commission found the banks infringed Art 101 of the Treaty on the Functioning of the European Union by manipulating the Euribor and Yen Libor interest rate benchmarks; and
  • its investigation into foreign exchange trading (FX) is ongoing; whereas
  • other alleged benchmark manipulations, eg of ISDAfix and non-Yen Libor, have appeared to excite less interest from the Commission; and
  • it closed its investigation into credit default swaps (CDSs) without finding infringement.

On 1 October 2015, Sch 8 of the Consumer Rights Act 2015 came into force introducing a raft of measures to facilitate damages actions by victims of anticompetitive behaviour.

A key reform was the introduction of an “opt out” collective proceedings regime in the Completion Appeal Tribunal (the CAT). The regime

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MOVERS & SHAKERS

Quinn Emanuel Urquhart & Sullivan—Andrew Savage

Quinn Emanuel Urquhart & Sullivan—Andrew Savage

Firm expands London disputes practice with senior partner hire

Druces—Lisa Cardy

Druces—Lisa Cardy

Senior associate promotion strengthens real estate offering

Charles Russell Speechlys—Robert Lundie Smith

Charles Russell Speechlys—Robert Lundie Smith

Leading patent litigator joins intellectual property team

NEWS
The government’s plan to introduce a Single Professional Services Supervisor could erode vital legal-sector expertise, warns Mark Evans, president of the Law Society of England and Wales, in NLJ this week
Writing in NLJ this week, Jonathan Fisher KC of Red Lion Chambers argues that the ‘failure to prevent’ model of corporate criminal responsibility—covering bribery, tax evasion, and fraud—should be embraced, not resisted
Professor Graham Zellick KC argues in NLJ this week that, despite Buckingham Palace’s statement stripping Andrew Mountbatten Windsor of his styles, titles and honours, he remains legally a duke
Writing in NLJ this week, Sophie Ashcroft and Miranda Joseph of Stevens & Bolton dissect the Privy Council’s landmark ruling in Jardine Strategic Ltd v Oasis Investments II Master Fund Ltd (No 2), which abolishes the long-standing 'shareholder rule'
In NLJ this week, Sailesh Mehta and Theo Burges of Red Lion Chambers examine the government’s first-ever 'Afghan leak' super-injunction—used to block reporting of data exposing Afghans who aided UK forces and over 100 British officials. Unlike celebrity privacy cases, this injunction centred on national security. Its use, the authors argue, signals the rise of a vast new body of national security law spanning civil, criminal, and media domains
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