Michael O’Higgins FX Class Representative Limited is representing the victims of the foreign exchange cartels. Michael O’Higgins FX Class Representative Limited is a special purpose vehicle incorporated to bring this claim, as the complexity and possible long duration of the claim means that it is more appropriate that the class be represented by a company rather than an individual. Michael O’Higgins is the sole director and sole member of the company, which is incorporated in England & Wales.
Mr O’Higgins is an economist who has deep experience in business and the public sector, with a particular emphasis on pensions. He is the current Chairman of the Local Pensions Partnership and the Channel Islands Competition and Regulatory Authorities. He has previously been Chairman of the Pensions Regulator, Chairman of the NHS Confederation, Chairman of the Audit Commission, a non-executive director and Chair of the Audit Committee for Her Majesty’s Treasury, Chairman of Centrepoint, Chairman of a venture capital trust, Managing Partner of PA Consulting, a partner at Price Waterhouse (now PwC) and an academic at various universities (including the University of Bath, the London School of Economics, the Australian National University, and Harvard University).
As director of Michael O’Higgins FX Class Representative Limited, Mr O’Higgins is ideally placed to run this claim on behalf of those who have suffered loss as a result of the banks’ illegal conduct. To assist with decision-making, there will be an independent advisory committee which will include individuals with an understanding of the legal or foreign exchange trading sectors. This advisory committee will be headed by Sir Christopher Clarke, a former Lord Justice of Appeal of the Courts of England and Wales.
As class representative, Michael O’Higgins FX Class Representative Limited will conduct the claim on behalf of the class. It will instruct the specialist lawyers and experts, make decisions on the conduct of the claim and, in particular, will decide whether to present any offer of settlement that the banks may make to the Competition Appeal Tribunal for its approval. The class representative will be responsible for communicating with the class and issuing formal notices to class members through various means, including posting notices on this website.
Michael O’Higgins FX Class Representative Limited has instructed Scott+Scott UK LLP as solicitors for the claim. Scott+Scott UK LLP is a specialist dispute resolution firm whose solicitors have extensive expertise in competition litigation. Its US affiliate, Scott+Scott Attorneys at Law LLP, instigated and is co-lead counsel in a class action in the United States against sixteen banks for manipulation of the FX market in breach of US antitrust law. To date, in the US class action, lead counsel has negotiated settlements totalling over $2.3bn with fifteen of the sixteen banks. Michael O’Higgins FX Class Representative Limited has also instructed a highly experienced barrister team from Brick Court Chambers, one of the leading sets at the Bar.
Michael O’Higgins FX Class Representative Limited has instructed a group of experts, including academics who specialise in FX microstructure, former traders, quantitative analysts, competition economists and forensic accountants. These experts will be responsible for calculating the damages suffered by victims of the cartels as a result of the banks’ manipulation of the foreign exchange market.