As tech companies have grown in size and market power over the last two decades, many critics have accused these multinational corporates of abusing their near-monopolistic status. A new lawsuit being pursued in both the UK and EU jurisdictions is leveraging litigation funding to hold one of these tech giants to account, and restore the balance in favour of smaller market competitors.
CAT Approves £25 Million Settlement in Boundary Fares Class Action
As LFJ reported last month, the parties in the Stagecoach South Western Trains class action had reached a settlement agreement, with SSWT agreeing to pay up to £25 million to eligible class members who were overcharged on their rail fares by the train operator.
An article in City A.M. provides an update on the case, as the Competition Appeal Tribunal (CAT) has approved the proposed settlement. Now that it has been approved by the tribunal, class members will be able to register and submit a claim for payment in order to receive compensation from the settlement. The claim period will last for six months, from 10 July 2024 to 10 January 2025.
Within four months of the claim period ending, the class representative will then provide SSWT with the total amount to be claimed, up to the total of £25 million agreed in the settlement. SSWT will then have a period of 21 days following receipt of this information to pay the class representative the ‘notified damages sum’.
The class action was filed by Charles Lyndon, with Woodsford Group providing the funding for the litigation.
Steven Friel, Woodsford’s CEO said: “This settlement approval confirms Woodsford as the most active and the most successful litigation funder in the CAT collective proceedings regime. Our actions have resulted in the first two, and as yet only, court-approved settlements in the regime.”The full collective settlement approval order from the CAT can be read here.