European Commission Three Way Banana Split Decision
European Commission Essex Express Decision
European Commission Three Way Banana Split and Essex Express Press Release
European Commission Sterling Lads Settlement Decision
European Commission Sterling Lads Ordinary Decision
European Commission Sterling Lads Press Release
The proposed claim is against the following banks:
Collectively, these banks are referred to as “the Banks”. Each of the Banks was included in one or more of the four decisions adopted by the European Commission (see Question 4). Aside from the Credit Suisse entities, the Banks have admitted their participation in the cartels.
The claims includes FX spot transactions and FX outright forward transactions.
FX spot transactions are transactions involving the exchange of two currencies at a rate agreed on the date of the contract for value or delivery (cash settlement) within two business days.
FX outright forward transactions are transactions involving the exchange of two currencies at a rate agreed on the date of the contract for value or delivery (cash settlement) more than two business days later.
The following types of transaction are not included in the claim:
The claim relates to transactions involving a pair of the G10 currencies, which are:
“The Defendant’s Relevant Class A Period” and “The Defendant’s Relevant Class B Period” comprise the periods set out in the table below:
| Defendant | Relevant Class A Period | Relevant Class B Period |
| Barclays Bank Plc Barclays Plc Barclays Execution Services Limited |
18 December 2007 – 1 August 2012 |
2 August 2012 – 31 January 2013 |
| Barclays Capital Inc. | 14 December 2009 – 31 July 2012 |
18 December 2007 – 13 December 2009 and 1 August 2012 – 31 January 2013 |
| Citibank N.A. Citigroup Inc. |
18 December 2007 – 31 January 2013 |
None. |
| MUFG Bank, Ltd. Mitsubishi UFJ Financial Group, Inc |
8 September 2010 – 12 September 2011 |
18 December 2007 – 7 September 2010 and 13 September 2011 – 31 January 2013 |
| J.P. Morgan Europe Limited J.P. Morgan Limited JPMorgan Chase & Co. JPMorgan Chase Bank N.A. |
26 July 2010 – 31 January 2013 |
18 December 2007 – 25 July 2010 |
| NatWest Markets Plc Natwest Group plc (formerly The Royal Bank of Scotland Group Plc) |
18 December 2007 – 19 April 2010 and 14 September 2010 – 12 July 2012 |
20 April 2010 – 13 September 2010 and 13 July 2012 – 31 January 2013 |
| UBS AG | 14 December 2009 – 31 January 2013 |
18 December 2007 – 13 December 2009 |
| HSBC Holdings plc
HSBC Bank plc |
25 May 2011 – 26 June 2012 |
18 December 2007 – 24 May 2011 and 27 June 2012 – 31 January 2013 |
| UBS Group AG (as successor to Credit Suisse Group AG) Credit Suisse AG Credit Suisse Securities (Europe) Limited |
7 February 2012 – 12 July 2012 |
18 December 2007 – 6 February 2012 and 13 July 2012 – 31 January 2013 |
An FX Spot Transaction and/or FX Outright Forward Transaction is “entered into… in the European Economic Area” where:
For these purposes, a Defendant or Relevant Financial Institution is located in the European Economic Area where their individual representative, sales desk or other business unit (such as an agency, branch or office) entering into the transaction is located in the European Economic Area.
and/or
For these purposes, a class member domiciled in the European Economic Area shall be considered located there.
For the avoidance of doubt, the above definition applies irrespective of whether the class member entered into an FX Spot Transaction and/or FX Outright Forward Transaction with a Defendant or Relevant Financial Institutions directly or indirectly via an Intermediary.
“Excluded Persons” means the following persons, which shall be excluded from both Class A and Class B:
“Excluded Transactions” means the following transactions, which shall be excluded from both Class A and Class B:
Relevant Financial Institution means any entity forming part of a banking group identified in the List of Relevant Financial Institutions.
List Relevant Financial Institutions
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[1] Excluding Barclays Bank Plc, Barclays Capital Inc., Barclays Plc and Barclays Execution Services Limited.
[2] Excluding Citibank N.A. and Citigroup Inc.
[3] Excluding UBS Group AG (in its capacity as successor to Credit Suisse Group AG), Credit Suisse AG and Credit Suisse Securities (Europe) Limited.
[4] Excluding HSBC Holdings PLC and HSBC Bank PLC.
[5] Excluding J.P. Morgan Europe Limited, J.P. Morgan Limited, JPMorgan Chase & Co and JPMorgan Chase Bank, N.A.
[6] Excluding MUFG Bank, Ltd and Mitsubishi UFJ Financial Group, Inc.
[7] Excluding NatWest Markets Plc and the Royal Bank of Scotland Group Plc.
[8] Excluding UBS AG.
On 16 May 2019 and 2 December 2021, the European Commission adopted four decisions finding that the Banks (listed at Question 3) each participated in one, two or all of three cartels in foreign exchange spot trading:
The cartels concerned the G10 currencies and covered the whole of the EEA. Their names are derived from the names of the online chatrooms used by the traders involved in the cartels, which are explained below.
The cartels covered the total period of 18 December 2007 – 31 January 2013, although the banks did not necessarily participate in all of the cartels for the whole of that period.
The Commission found that traders employed by the Banks, who were involved in FX spot trading, had reached an underlying understanding to exchange, and had exchanged, current or forward-looking commercially sensitive information through private, online chat rooms. The traders also occasionally coordinated their trading activities.
The Commission found that commercially sensitive information was shared in the chatrooms on an extensive and recurrent basis. That information included:
This claim relies on those decisions and alleges that businesses and individuals who entered into spot transactions and/or outright forward transactions involving a pair of G10 currencies with the Banks or other Relevant Financial Institutions suffered losses as a result of this misconduct.
For more information, please take a look at the Commission’s press releases which can be accessed here and here.
This claim is brought on an opt-out basis for individuals and entities domiciled in the UK. Therefore, if you or your business is domiciled in the UK and falls within the class definition, you will automatically be included in Mr Evans’ proposed collective action and will be bound by any judgment or settlement, unless you choose to opt out.
If you or your business are not resident or domiciled in the UK, and you wish to participate in Mr Evans’ proposed collective action, you will need to opt in to the claim. Opt-in registration will be open at a later date but please register your interest to receive more information and we will keep you informed of when you can opt in, and the process to be followed.
The purpose of including two classes in these proposed collective proceedings is to reflect two different types of FX transactions. To summarise:
The main reason for including two different classes is that the experts instructed by Mr Evans intend to adopt different approaches for calculating the losses suffered by each class, if this claim proceeds to trial.
It is possible that you may fall within one or both of the classes, depending which bank you traded with and the dates of your transactions.
The full proposed class definition can be found here and should be read carefully.