Topic: Financial Services

CAT certifies first UK competition class action

The UK’s Competition Appeal Tribunal has issued its highly-anticipated decision certifying the country’s first-ever antitrust class action, designating Walter Merricks as the representative to lead the multi-billion pound claim against Mastercard.

18 August 2021

FTC encourages Federal Reserve to adopt new debit card rules

The Federal Trade Commission has urged the US Federal Reserve Board to adopt a rule that would prohibit Visa and MasterCard from incentivising debit card issuers to exclusively use their network.

13 August 2021

Mastercard and Sainsbury’s settle interchange fees claim

Mastercard and Sainsbury’s have settled their long-running dispute over the former’s unlawful multilateral interchange fee scheme, bringing an end to the supermarket’s nearly-decade old claim.

06 August 2021

Australian payment providers offer commitments to seal deal approval

A trio of Australian payment service providers have agreed to an industry-wide standard to support payments using Quick Response codes as part of a behavioural commitment package to secure approval for their merger.

06 August 2021

UK Forex class actions will collapse if not pursued as opt-out claims, counsel argues

Neither of the proposed claimants seeking to bring collective damages actions against members of the Forex cartel will pursue opt-in claims if their bids for opt-out certification fail, the UK’s Competition Appeal Tribunal has heard.

16 July 2021

CAT chairman questions alleged effects of Forex cartel

The UK judge overseeing two proposed class actions against members of the Forex cartel has laid out his initial concerns about both claimants’ theories of harm.

15 July 2021

Banks urge UK tribunal to avoid opt-out route in Forex cartel claims

Neither of the proposed UK class actions seeking damages from members of the Forex cartel should proceed on an opt-out basis, the defendant banks have argued.

14 July 2021

Forex cartel had marketwide impact on every currency trade, UK tribunal told

Banks that rigged foreign exchange rates for specific currency trades also tacitly colluded on pricing strategies, affecting other trades between different customers and banks that were not part of the conspiracy, an expert economist has told the UK’s Competition Appeal Tribunal.

13 July 2021

UK tribunal hears competing forex claims in first-ever carriage dispute

A former inquiry chair at the UK’s antitrust watchdog and a former chairman of the country’s pensions regulator have appeared before the UK’s Competition Appeal Tribunal to argue why each of their respective proposed class actions against forex cartel members should be the one to proceed.

12 July 2021

Dutch enforcer ends payment apps probe over legal barriers

The Dutch antitrust watchdog has closed an investigation into payment applications on smartphones, lamenting that it is unable to remedy its competition concerns under EU regulation.

05 July 2021

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