On 18 March 2021, the High Court issued a ruling stating that it does not grant Allianz Global Investors and others permission to appeal a High Court ruling. In that ruling the High Court had stated that cartel members Barclays, UBS and other banks can argue that the damage allegedly suffered by the claimant investment funds as a result of the foreign-exchange markets cartel were mitigated because the damage had been passed on to investors. The main reasons for not allowing the appeal was because it would not be efficient in terms of case management. The court stated that the appeal at this time might delay the case, while it would be more efficient for there to be a (potential) appeal on all issues at the end of the trial. The banks were fined €1.07 billion by the European Commission (EC) in 2019 for participating in a foreign exchange spot trading cartel between 2007 and 2013.