Update: NOTICE OF PUBLIC PROCEEDINGS
The claim is brought in the Competition Appeal Tribunal (“CAT”) on behalf of an estimated 240,000 U.K. investors in Bitcoin Satoshi Vision(“BSV”).
The claim, a legal first in competition law applying to the digital assets sector, seeks an opt-out collective proceedings order (“CPO”) on behalf of the estimated 240,000 investors.
The claims are brought under Article 101 of the Treaty on the Functioning of the European Union (“TFEU”) and/or pursuant to the Chapter I prohibition in section 2 of the UK’s Competition Act 1998 (the “Chapter I prohibition”).
Case bought by BSV Claims Limited, a company limited by guarantee.
Lord Currie of Marylebone is the director of BSV Claims Limited. Lord Currie was inaugural Chair of both Ofcom and the Competition and Markets Authority. Lord Currie is former professor of economics and also a former Dean of the Bayes Business School.
“I have agreed to take this role in relation to the Proposed Collective Proceedings because I believe that the class members deserve to be protected from anti-competitive behaviour,” said Lord Currie in his witness statement.
“I also regard this case as an opportunity to demonstrate that competition law applies in the sphere of crypto assets in the same way that it does to other economic activities. Much of my professional life as an economist and a regulator has been concerned with consumer protection. Ensuring fair competition is an essential part of protecting consumers. Consumers investing in cryptocurrencies take the risk of volatile prices. They should not have to take the risk of the value of their investment being affected by anti-competitive practices.”
BSV Claims Advisory Board
Though Lord Currie is the decision maker behind BSV Claims Limited, he is supported by an Advisory Board offering further complementary skills and experience. The Board members are as follows:
Heather Clayton, a former senior director of the Office of Fair Trading and a former lead ombudsman for the Financial Ombudsman Service. Ms Clayton also has experience in developing regulatory policy in relation to water pricing and for communications services, from her work at Ofwat and Ofcom respectively;
Lord (Andrew) Tyrie the Member of Parliament for Chichester between 1997 and 2017, former Chairman of the Treasury Select Committee and a former Chairman of the CMA, Lord Tyrie is also a trained economist;
David Wingfield, a barrister at Fountain Court specialising in competition law. Mr. Wingfield is formerly of the Canadian Department of Justice, where he handled competition matters on behalf of the Canadian federal government.
Kurt Wuckert. Mr. Wuckert is a well-known commentator on BSV and cryptocurrency matters.
Velitor Law, a London-based boutique disputes firm led by veteran Seamus Andrew, are the solicitors acting on behalf of BSV Claims Limited.