Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Compound interest definition

What does Compound interest mean? Compound interest is interest calculated on both the principal sum and any previously accrued, unpaid interest, so the interest “rolls up” over time (for example, daily, monthly or annually). In practice it arises where a contract provides for compounding, or in limited equitable or restitutionary claims. The expression is descriptive rather than defined by statute, though its availability is addressed in case law. Key features and usage: - Common in loan and facility agreements, capitalised arrears, default interest clauses and financial instruments. - Compounding materially increases the quantum of a debt or award compared with simple interest. - Drafting should state whether interest...

UK Competition Appeal Tribunal grants opt-out CPO in maritime car carriers cartel claim; pass-on methodology accepted; strike-out and opt-in for large purchasers refused; deceased estates excluded

Published by a LexisNexis Competition expert

Practice notes

ARCHIVED

This archived case hub captures the position as at the judgment dated 18 February 2022 and is no longer maintained. See further: timeline, commentary and related cases.

Case facts

Outline of the CAT’s judgment concerning an application for a collective proceedings order by Mr Mark McLaren, who sought authorisation to act as class representative to bring opt-out collective proceedings under section 47(B) of the Competition Act 1998.

Latest development

On 18 February 2022, the CAT handed down its judgment, holding, amongst other matters, that: (i) it is just and reasonable for the Applicant to act as class representative; and (ii) the claims qualify to be brought as collective proceedings. The Tribunal found there is an identifiable class and that the claims present common issues, particularly on passing-on, rendering them suitable for determination in collective proceedings. Consequently, the CAT granted the CPO application. That decision is, however, conditional upon the Applicant developing a plausible methodology to exclude losses attributable to certain deceased persons, and upon the hearing of submissions addressing whether sub-class matters need to be considered in relation to downstream pass-on and...

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Web page updated on 28/05/2026

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