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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

Gibson Dunn—London partner promotions

Gibson Dunn—London partner promotions

Firm grows international bench with expanded UK partner class

Shakespeare Martineau—six appointments

Shakespeare Martineau—six appointments

Firm makes major statement in the capital with strategic growth at The Shard

Myers & Co—Jess Latham

Myers & Co—Jess Latham

Residential conveyancing team expands with solicitor hire

NEWS
One in five in-house lawyers suffer ‘high’ or ‘severe’ work-related stress, according to a report by global legal body, the Association of Corporate Counsel (ACC)
The Legal Ombudsman’s (LeO’s) plea for a budget increase has been rejected by the Law Society and accepted only ‘with reluctance’ by conveyancers
Overcrowded prisons, mental health hospitals and immigration centres are failing to meet international and domestic human rights standards, the National Preventive Mechanism (NPM) has warned
Two speedier and more streamlined qualification routes have been launched for probate and conveyancing professionals
Workplace stress was a contributing factor in almost one in eight cases before the employment tribunal last year, indicating its endemic grip on the UK workplace
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