United Kingdom

On behalf of the team

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.[1] 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.[2]

[1] According to Mlex, ‘Allianz Global Investors, others refused UK appeal bid over ‘pass-on’ forex cartel ruling, 18 March 2021.

[2] European Commission press release of 16 May 2019, Antitrust: Commission fines Barclays, RBS, Citigroup, JPMorgan, and MFUG €1.07 billion for participating in foreign exchange spot trading cartel.