Supreme Court reinstates earlier ruling on FX claims
The Supreme Court has reversed the Court of Appeal’s decision in a case against banks over forex misconduct
In a momentous ruling delivered on 18 December 2025, the Supreme Court has restored the Competition Appeal Tribunal’s (CAT) original judgment in the FX Claim UK case, a collective action spearheaded by class representative Phillip Evans against eight banking groups accused of manipulating foreign exchange rates. The Supreme Court's decision allows claims to proceed only on an opt-in basis, overturning the Court of Appeal's prior ruling in July 2023 which mandated an opt-out framework and found the CAT had made legal errors in its certification approach.
The claims in question arise from the banks' involvement in foreign exchange spot trading cartels that spanned from 2007 to 2013, periods during which they incurred over €1.1 billion in fines from the European Commission. Following the judgment, Phillip Evans expressed disappointment, stating “The practical reality is that opt-in proceedings are unlikely to deliver meaningful redress for the tens of thousands of ordinary individuals and businesses affected by the banks’ unlawful conduct.” He lamented that the UK, being the epicentre of the cartel, has left ordinary claimants at a disadvantage, allowing only institutional investors to pursue legal action.
Anthony Maton, a partner in Evans' legal team at Hausfeld, reinforced the significance of the decision, noting “This is a significant judgment with implications not only for this case but for the collective redress regime more broadly.” He highlighted the lack of transparency from the banks, stating, “We've faced a lot of legal argument about the merits of these claims, without the banks ever disclosing a single underlying document about their illegal conduct.”
The case originated when the CAT certified Evans' claims in March 2022, but opted against an opt-out capacity, believing that while some individuals might pursue action, it would not be realistic for the majority. The dissenting opinion from tribunal member Paul Lomas supported an opt-out approach. Evans’ appeal to the Court of Appeal saw unanimous support for his perspective in July 2023 but was thwarted by the Supreme Court's latest ruling.
Looking ahead, Evans indicated a need for careful consideration of future actions with his legal team, suggesting that new paths may still be available to seek justice for affected individuals. Further updates regarding this ongoing saga will be provided on the official FX Claim UK website as the situation develops.
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