header-logo header-logo

13 May 2016 / Stephen Critchley
Issue: 7698 / Categories: Features , Banking
printer mail-detail

Litigation? Don’t bank on it

nlj_7698_critchley

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

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

Gateley Legal—Caroline Pope & Bob Maynard

Gateley Legal—Caroline Pope & Bob Maynard

Construction team bolstered by hire of senior consultant duo

Switalskis—four appointments

Switalskis—four appointments

Firm expands residential conveyancing team with quadruple appointment

mfg Solicitors—Claire Pope

mfg Solicitors—Claire Pope

Private client team welcomes senior associatein Worcester

NEWS
The controversial Mazur ruling, which caused widespread uncertainty about the role of non-solicitors in litigation work, has been overturned on appeal
Two landmark social media cases in the US could influence social media regulation in the UK, lawyers predict
Barristers have urged the government to set up Nightingale-style specialist courts, with jury trials, to prioritise rape, sexual assault and domestic abuse trials
Victims of violent crimes who suffer life-changing injuries receive less than half the financial support today than those in the 1990s, according to a senior personal injury lawyer
Rising numbers of cases, an increase in litigants in person and an overall lack of investment is piling pressure on the family court, the Law Society has warned
back-to-top-scroll