Wednesday 8th – Thursday 9th December 2021
168 of the Claimants seek permission to appeal paragraph 1 of the order of Sir Nigel Teare dated 18 March 2021.
The case involves more than 170 Claimants, almost all of which are investment funds. They seek damages from a number of Defendant banks (7 groups) alleging `illegal and anti-competitive manipulation of the foreign exchange (FX) markets in the period 2003-2013.’ The claims are for breach of statutory duty in respect of infringements of article 101 of the Treaty on the Functioning of the EU and section 2 of the Competition Act 1998 which are described by the Claimants as `materially similar’ The claims are in part follow-on claims from two decisions of the European Commission and in part stand-alone claims.
The allegations of liability are denied by the Defendants but to the extent that they are proved and loss is established the Defendants say that the Claimants have mitigated their loss in part by passing on or transferring the loss to others. The Claimants applied to have the defence struck out and the Defendants applied to amend their Particulars.
By order of 18 March 2021, Sir Nigel Teare 1) granted the Strike Out application in respect of paragraphs 32-35 of the Draft Joint Further Particulars only and 2) refused the Amendments Applications in respect of paragraphs 32-35 of the Draft Joint Further Particulars but otherwise granted them.
Lower Court Judgment: