Banks face £1bn class action over forex rigging
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Across the Horizon: Growing Class Action Risks in the UK and EU | Alston & Bird
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On 11 December 2020, the U.K. Supreme Court (the Court) handed down its much-awaited ruling in
Merricks v Mastercard,
2 decision in a 3-2 ruling. The main aspects of the decision are explained below:
This ruling revives the possibility of a claim by 46.2 million individuals in the U.K. for alleged losses spanning over 16 years across all retail sectors in the U.K. economy, valued at £14 billion.
The diversity of the consumers, retail businesses and extent (if any) of passing-on of overcharges to consumers were not necessarily a bar to certification. Rather, the test was whether the class was more suitable for collective proceedings than individual actions, noting the risk that individual claims would be uneconomic.
Regulation
Is third-party litigation funding permitted? Is it commonly used?
Third-party litigation funding is permitted and endorsed by the judiciary and policymakers as a tool of access to justice. Consistent with modern public policy, English courts have a generally positive attitude to third-party funding.
The Competition Appeal Tribunal recently described third-party litigation funding as ‘a well-recognised feature of modern litigation that facilitates access to justice for those who otherwise may be unable to afford it’ (
UK Trucks Claim Limited v Fiat Chrysler Automobiles NV and Others and
Road Haulage Association Limited v Man SE and Others [2019] CAT 26). The tribunal s view underlines how far the law has changed since the days when funding another party s litigation could constitute both a crime and a tort.