Gibson Dunn Secures Successful U.K. Supreme Court Appeal for UBS in FX Class‑Action Matter

"Gibson Dunn represented UBS in a successful appeal to the U.K. Supreme Court challenging proposed FX class‑action proceedings in the Competition Appeal Tribunal. The Court unanimously allowed the appellant banks' grounds, stressing strict scrutiny at certification to prevent weak claims benefiting from opt‑out procedures. The proceedings arose from two May 2019 European Commission settlement decisions."

Gibson Dunn represented UBS in its successful appeal to the U.K. Supreme Court concerning proposed foreign exchange (FX) class‑action proceedings filed in the Competition Appeal Tribunal. The Supreme Court unanimously allowed the appellant banks' grounds of appeal. The judgment emphasises the need for rigorous scrutiny of proposed collective proceedings at the certification stage and makes clear that weak or unmeritorious claims should not benefit from the procedural advantages of the opt‑out procedure. The underlying proceedings stem from two European Commission settlement decisions issued in May 2019 relating to foreign exchange trading. Gibson Dunn represented UBS with a team composed by: partner Doug Watson (lead, London) with support from associates Dan Warner, Jack Crichton, Alex Gresty, and Grace Atkinson.

Gibson Dunn Secures Successful U.K. Supreme Court Appeal for UBS in FX Class‑Action Matter

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