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UK competition law: Supreme Court backs opt-out FX collective actions; CMA merger decisions; SAU review of London affordable homes subsidies; new newspaper/foreign powers merger regulations

Published on: 18 December 2025

Published by a LexisNexis Competition expert
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Private actions

Supreme Court dismisses banks’ appeal; confirms CAT must reconsider FX collective actions on opt-out basis

The Supreme Court has delivered its judgment in Barclays Bank PLC & Ors v Evans and O’Higgins FX Class Representative Ltd v Barclays Bank PLC & Ors [2025] UKSC 52. The appeal challenged the Court of Appeal’s conclusion that the Competition Appeal Tribunal (CAT) was wrong to refuse certification of follow-on FX collective proceedings on an opt-out basis. The Supreme Court rejected the banks’ appeal and affirmed the Court of Appeal’s ruling.

Background

In May 2019, the European Commission adopted two settlement decisions finding that five banks breached Article 101 TFEU by sharing confidential information and coordinating trading strategies in the FX spot market (AT.40135). In December 2019, two proposed class representatives (Mr Philip Evans and Michael O’Higgins FX Class Representative Ltd) each applied for a collective proceedings order (CPO) under section 47B of the Competition Act 1998 (CA 1998), pursuing follow-on damages for a large class of FX market participants. Both applications sought certification exclusively on an opt-out basis. In March 2022, the CAT, by a majority, refused to certify the claims as opt-out collective proceedings (CAT’s 2022 judgment)...

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