Therium is funding a class action brought before the Federal Court of Canada for damages arising from Amazon’s anti-competitive agreements with third-party sellers on the Amazon platform, which restricted those sellers from selling products on other e-commerce sites for prices lower than the prices charged on Amazon. This is alleged to have had the effect of raising prices on other e-commerce platforms and maintaining artificially high prices on the Amazon platform.
Though this claim is being brought on a standalone basis in Canada, it takes place in the context of ongoing investigations by the European Commission and other regulators into Amazon’s conduct more generally and Amazon’s practices having already been found to be anti-competitive by the German Federal Cartel Office. The funding arrangements have been approved by the Canadian Federal Court.
The claim is the highest value anti-trust class action in Canada.
The case is an example of heavy competition litigation to which Therium is able to commit significant resources, making the case one of the largest funded claims in Canadian legal history.
Consumer Class Action / Anti-trust / Competition / Collective Redress
Technology / Retail
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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Therium funded a potential opt-out collective proceeding before the Competition Appeal Tribunal (CAT) brought by economist Michael O’Higgins against five global investment banks, each of which was found by the European Commission to have operated illegal foreign exchange spot trading cartels over a period of five years. The claim seeks damages of more than £1bn resulting from what has been widely described as the “Forex Cartels”
The matter is significant because of the scale of impact of the FX Cartel. The case is notable as the first claim in the CAT being brought on an opt-out basis for claimants other than consumers and the first where there are two competing opt-out class cases.
Therium is co-funding with another litigation funder and its group is expected to be the largest in the claim.
Anti-Trust / Competition / Class Action / Collective Redress / Investor Loss
Financial Services / Banking
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Therium funded collective proceedings brought by Road Haulage Association Limited acting as representative on behalf of its members and other truck purchasers before the Competition Appeal Tribunal (CAT) against European truck manufacturers found by the European Commission to have been involved in a 14 year price-fixing cartel across Europe.
This is the first opt-in Collective Proceedings Order (CPO) made by the CAT and also the first CPO made in favour of a non-consumer class.
Therium supported the case from the outset, including the bookbuild effort required to pursue the case on an opt-in basis. As part of the RHA’s application, Therium’s arrangements for funding and adverse costs cover were scrutinised in detail by the CAT.
Class Action / Competition / Anti-trust / Collective Redress / Group Litigation
Automotive
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The Interchange litigation involves claims by merchants – typically retailers, hotel groups and others – against Mastercard and Visa for damages arising out of interchange fees charged by the card schemes contrary to UK and European competition law.
The UK claims involve hundreds of businesses, including leading retail groups, with claims amounting to billions of pounds. The litigation is a notable example of group litigation being run in the Competition Appeal Tribunal where claims are being managed together but without a Collective Proceedings Order.
Therium is backing a wide cross-section of claimants including well-resourced corporate clients who benefit by using litigation finance in place of their own resources in order to pursue the claim.
Group Litigation / Class Action / Collective redress / Anti-Trust / Competition
Financial Services / Retail
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