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13 May 2016 / Stephen Critchley
Issue: 7698 / Categories: Features , Banking
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Litigation? Don’t bank on it

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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

Signature Litigation—Catherine Naylor

Signature Litigation—Catherine Naylor

International fraud and asset recovery offering boosted by partner hire

Stevens & Bolton—Alexa Payet

Stevens & Bolton—Alexa Payet

Private wealth disputes team adds contentious probate specialist

Morgan Lewis—Paul Feldberg

Morgan Lewis—Paul Feldberg

Firm strengthens investigations and sanctions capabilities with London partner hire

NEWS
Cheshire West, which established an ‘acid test’ for deprivation of liberty safeguards, has been overturned by the Supreme Court
The Chancery Division and other segments of the High Court are to be replaced by a new Business and Property Division (BPD), in a major civil justice shakeup
Law firms that hold client money will need to file annual accountants’ reports and make a declaration, the Solicitors Regulation Authority (SRA) confirmed this week
Two district judges and a tribunal judge have been sanctioned for delays in delivering judgments and orders
Private equity (PE) investment into UK law firms halved to £250m last year, but deal volume rose, according to research by Acquira Professional Services’ Momentum private equity market tracker
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