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FINANCIAL SERVICES: Let’s get together

01 April 2011  

Michael Isaacs looks at how collective consumer claims may work under the enhanced powers given to the FSA in October 2010 by the Financial Services Act 2010

When one thinks of collective action, it brings to mind US-style group claims (class actions) of the Erin Brockovich type, where a large number of injured individuals sue a large company on behalf of the entire injured class. Such cases have rarely been seen in this jurisdiction. However, recent years have seen the rise of significant thematic issues in financial services, and substantial amounts of associated litigation. New FSA powers of collective redress are therefore significant for those in the sector.

Additional Info

  • Case(s) Referenced:

    Markt & Co Ltd v Knight Steamship Co Ltd [1910] 2 KB 1021 (CA))

    Nash v Eli Lilly & Co [1993] 1 WLR 782