In March 2022, the Tribunal handed down its judgment in which the majority (two of the three Tribunal members) decided that the UKFX claim should not be certified on an opt-out basis. Mr O’Higgins, as sole director of Michael O’Higgins FX Class Representative Limited, sought permission from the Tribunal to appeal the decision to the Court of Appeal.
On 4 October 2022, the Tribunal made an Order in which it unanimously gave permission to appeal, noting that this is a “relatively new area of law”.
The next step is for us to file documents including a ‘skeleton argument’ setting out the main arguments for our appeal. The banks will then file their equivalent documents and an appeal hearing will be listed. We anticipate that the hearing will be scheduled for early 2023.
A copy of the Order is available here.