{"id":8193,"date":"2026-09-02T09:45:58","date_gmt":"2026-09-02T12:45:58","guid":{"rendered":"https:\/\/araujopolicastro.com.br\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/"},"modified":"2026-09-02T10:13:36","modified_gmt":"2026-09-02T13:13:36","slug":"form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages","status":"publish","type":"post","link":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/","title":{"rendered":"Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages"},"content":{"rendered":"\n

By confusing the individualization of damages with the heterogeneity of rights, the S\u00e3o Paulo State Court of Appeals\u2019 (TJSP) decision also raises concerns regarding the definition of the class, the formulation of the claim, and the role of associations<\/p>\n\n\n\n

On August 13, 2026, the 11th Chamber of Private Law of the S\u00e3o Paulo Court of Justice (\u201cTJSP\u201d) upheld the dismissal, without ruling on the merits, of the class action filed by the Brazilian Foreign Trade Association (\u201cAEB\u201d) against financial institutions accused of participating in the so-called \u201cforeign exchange cartel.\u201d[1]<\/p>\n\n\n\n

The decision did not address the merits of the antitrust case. According to the TJSP, the manner in which the public civil action was structured was not appropriate for the relief sought. <\/p>\n\n\n\n

Although it adopts a debatable understanding of the homogeneity of rights, the ruling also reveals a problem in the structure of the claim. The case serves as a warning: in class actions for competition-related damages, the definition of the class and the formulation of the claim can be just as decisive as the common source of the damages. <\/p>\n\n\n\n

AEB’s Initiative<\/strong><\/h2>\n\n\n\n

The AEB alleged that the banks had formed a cartel between January 2008 and December 2012 to manipulate exchange rates in Brazil, conduct that is still under investigation by CADE.[2] It sought a ruling that the conduct was unlawful and a joint and several judgment ordering the financial institutions to compensate certain member exporters. The amount in dispute, approximately R$ 19.15 billion, was calculated based on an estimate of the losses suffered by these companies.[3]<\/p>\n\n\n\n

The initial petition was denied because, in the court\u2019s view, the AEB was not defending the homogeneous rights of a collective group, but rather the heterogeneous rights of specific members. The TJSP upheld that ruling. <\/p>\n\n\n\n

Legal representation or substitution in legal proceedings?<\/strong><\/h2>\n\n\n\n

The ruling distinguishes between two types of actions taken by associations. In ordinary class actions based on Article 5, XXI, of the Constitution, the association acts through procedural representation, a case of ordinary standing: it acts on behalf of its members, requires authorization, and the effects of the decision are, in principle, limited to those represented. In special class actions, governed by the microsystem formed by the Public Civil Action Law,[4] the Consumer Protection Code[5], and specific laws, the association acts as a procedural substitute under a regime of extraordinary standing: it acts in its own name in defense of a collective group or class, without individual authorizations.[6]<\/p>\n\n\n\n

In the view of the S\u00e3o Paulo State Court of Appeals (TJSP), although the AEB filed a public civil action, the manner in which the lawsuit was structured reveals that it was brought on behalf of others. The ruling emphasized that the beneficiaries were identified, granted their authorization, and had their damages previously estimated. The amount in dispute resulted from the sum of the damages attributed to the represented parties. The prior legal actions filed concerned the rights of members, and a public statement by an AEB representative indicated that the initiative would benefit only those companies that joined the cause.[7]<\/p>\n\n\n\n

Taken together, these factors led the TJSP to conclude that the AEB was acting on behalf of a specific group of companies, rather than on its own behalf in defense of a collective or class.<\/p>\n\n\n\n

Individual variations do not rule out a common origin<\/strong><\/h2>\n\n\n\n

The most questionable aspect of the ruling lies in another basis for the decision. According to the TJSP, the claims are heterogeneous because the exporters entered into separate contracts with different banks under their own terms, and their losses would require individual assessment. <\/p>\n\n\n\n

This line of reasoning confuses the individualization of damages with a lack of homogeneity. Homogeneous individual rights are, by definition, individual, divisible rights held by specific or identifiable persons. What enables their protection is not the absolute identity of particular situations, but their common origin.[8] Their collective protection does not require identical situations, but rather issues that can be resolved uniformly. <\/p>\n\n\n\n

In this case, the common basis would lie in the formation of the cartel, the manipulation of rates, and the impact of these practices on exporters. Issues such as the bank used, the volume traded, the date of the transaction, the rate applied, and the resulting loss remain individual to each case, but they do not necessarily preclude a ruling on the common issues. <\/p>\n\n\n\n

The microsystem provides for a general ruling on liability, followed by individual assessments to establish each participant\u2019s connection to the unlawful act and quantify their damages.[9] If the existence of different contracts and the need to determine damages on an individual basis were sufficient to preclude homogeneity, virtually no class action for damages arising from a cartel would be possible. <\/p>\n\n\n\n

Case law offers a counterpoint. In a similar class-action lawsuit involving the medical gas cartel, the hospitals had also entered into their own contracts, purchased different volumes, and suffered losses that varied on an individual basis. Nevertheless, the S\u00e3o Paulo State Court of Appeals (TJSP) recognized the homogeneity of the claims, finding that the damages stemmed from a common source: the alleged formation of the cartel and the practice of overpricing. Upon reviewing special appeals filed by two of the defendants, the Superior Court of Justice (STJ) upheld this conclusion, holding that a review of the appeals would require a reexamination of the factual and evidentiary record. In both decisions, it further noted that, if any individual peculiarity were sufficient to negate homogeneity, it would be practically impossible to ever recognize homogeneous individual rights.[10]<\/p>\n\n\n\n

Precautions for Antitrust Class-Action Lawsuits<\/strong><\/h2>\n\n\n\n

The decision shows that the common source of the harm, by itself, does not guarantee that a class action is appropriate. When structuring the lawsuit, certain precautions must be taken: <\/p>\n\n\n\n

1. Definition of the class:<\/strong> Beneficiaries must be identified based on objective criteria related to the unlawful act and the affected market, rather than simply by their participation in the lawsuit.<\/p>\n\n\n\n

2. Formulation of the claim:<\/strong> The class action should focus on the common issues, leaving the quantification of damages to be determined on an individual basis.<\/p>\n\n\n\n

3. Lists and authorizations:<\/strong> if submitted, their purpose must be clarified so that they are not merely a representation of the members.<\/p>\n\n\n\n

4. Value of the claim:<\/strong> The sum of the individual damages may suggest consolidating claims that have already been defined, rather than seeking a generic class-action judgment.<\/p>\n\n\n\n

5. Common and individual issues:<\/strong> the existence, duration, and operation of the cartel may be examined collectively; the acquisition of the overcharge, its pass-through, the individual link, and the amount of damages may be determined at a later date.<\/p>\n\n\n\n

A problematic decision, but a necessary warning<\/strong><\/h2>\n\n\n\n

The ruling is conceptually problematic in that it links contractual diversity and individual settlement to the heterogeneity of rights. If applied broadly, this line of reasoning would significantly reduce the scope for class actions in general, including those seeking redress for competition-related damages. <\/p>\n\n\n\n

The result, however, can be understood in light of the way the complaint defined the beneficiaries and structured the claim, making the association\u2019s actions resemble the representation of specific companies.<\/p>\n\n\n\n

The case suggests that class-action standing does not depend solely on the common origin of the damages, but also on how this is reflected in the structure of the lawsuit. In antitrust class-action lawsuits, it appears that form matters\u2014not as a mere formality, but as a condition for reviewing the merits. <\/p>\n\n\n\n

The Competition Law team<\/a> at <\/strong>, part of the law firm Ara\u00fajo e Policastro Advogados<\/strong>, is available to answer any questions.<\/p>\n\n\n\n

\n\n\n\n

[1] TJSP, Civil Appeal No. 1044341-56.2021.8.26.0100, 11th Chamber of Private Law, Reporting Judge Jos\u00e9 Wilson Gon\u00e7alves, decided August 13, 2026, Vote No. 8,631.<\/p>\n\n\n\n

[2] As stated in the complaint, Administrative Proceeding No. 08700.004633\/2015-04<\/strong>, initiated on July 1, 2015, investigates coordinated conduct in the domestic and international currency markets, including the fixing of exchange rate spreads and the manipulation of benchmark indices; while Administrative Proceeding No. 08700.008182\/2016-57<\/strong>, initiated on November 7, 2016, examines conduct in the domestic foreign exchange market involving the manipulation of the exchange rate spread applied in Brazil and of the PTAX (pp. 8\u20139).<\/p>\n\n\n\n

[3] Ibid., pp. 8669-8671.<\/p>\n\n\n\n

[4] Law No. 7,347\/1985<\/p>\n\n\n\n

[5] Law No. 8,078\/1990.<\/p>\n\n\n\n

[6] STF, RE No. 573.232\/SC<\/strong> (Issue 82 of general repercussion), Reporting Justice Ricardo Lewandowski, Drafted Drafted by Justice Marco Aur\u00e9lio, Full Court, decided May 14, 2014 (requirement for express authorization and limitation of enforcement to the members named in the ordinary class action); STF, <\/strong>RE No. 612.043\/PR<\/strong> (Issue 499 on general repercussion), Reporting Justice Marco Aur\u00e9lio, Full Court, decided May 10, 2017 (subjective limits of res judicata established in an ordinary class action filed by an association); STJ, REsp No. 1,325,857\/RS<\/strong>, Reporting Justice Luis Felipe Salom\u00e3o, Second Section, rendered on Nov. 30, 2021, DJe February 1, 2022 (distinction between the procedural representation exercised by the association in an ordinary class action and the procedural substitution characteristic of special class actions). <\/p>\n\n\n\n

[7] TJSP, Civil Appeal No. 1044341-56.2021.8.26.0100, Opinion No. 8,631, pp. 8671\u20138672.<\/p>\n\n\n\n

[8] CDC, Art. 81, sole paragraph, III: \u201chomogeneous individual interests or rights, understood as those arising from a common source.\u201d<\/em><\/p>\n\n\n\n

[9] Article 95 of the CDC provides that, if the claim is upheld, the judgment will be general in nature, establishing the defendant\u2019s liability for the damages caused. Article 97 allows for the assessment and enforcement of damages to be pursued by the victims, their successors, or collective litigants. These rules form part of the collective procedural microsystem by virtue of the interaction between the CDC and Law No. 7,347\/1985. <\/p>\n\n\n\n

[10] STJ, REsp No. 1.604.870\/SP<\/strong>, Reporting Justice Marco Aur\u00e9lio Bellizze, single-judge decision of Dec. 13, 2021, DJe Dec. 14, 2021; STJ, REsp No. 1,887,913\/SP<\/strong>, Reporting Justice Marco Aur\u00e9lio Bellizze, single-judge decision of December 13, 2021, DJe December 14, 2021. The decisions were subsequently upheld, respectively, in the subsequent appeals. <\/p>\n\n\n\n

Authors<\/strong>:<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Bruno Lanna Peixoto <\/a> bpeixoto@araujopolicastro.com.br<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/a>Carolina Pagotto Trevizo <\/a> ctrevizo@araujopolicastro.com.br<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages<\/p>\n","protected":false},"author":4,"featured_media":8198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[677,676],"tags":[1045,1044,1041,1043,1042],"class_list":["post-8193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ap-bulletin","category-publications-en","tag-antitrust-class-action-lawsuits","tag-class-action-lawsuits","tag-competition-law","tag-competitive-damages","tag-currency-cartel"],"acf":[],"yoast_head":"\nWhat the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages<\/title>\n<meta name=\"description\" content=\"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages\" \/>\n<meta property=\"og:description\" content=\"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/\" \/>\n<meta property=\"og:site_name\" content=\"Ara\u00fajo e Policastro Advogados\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/araujopolicastro\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-02T12:45:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-02T13:13:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Thiago Santos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Thiago Santos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/\"},\"author\":{\"name\":\"Thiago Santos\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#\\\/schema\\\/person\\\/03ca544f6c7b67a7c8a75a4511ded0e2\"},\"headline\":\"Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages\",\"datePublished\":\"2026-09-02T12:45:58+00:00\",\"dateModified\":\"2026-09-02T13:13:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/\"},\"wordCount\":1614,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/1-2.webp\",\"keywords\":[\"antitrust class-action lawsuits\",\"class-action lawsuits\",\"competition law\",\"competitive damages\",\"currency cartel\"],\"articleSection\":[\"AP Bulletin\",\"Publications\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/\",\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/\",\"name\":\"What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/1-2.webp\",\"datePublished\":\"2026-09-02T12:45:58+00:00\",\"dateModified\":\"2026-09-02T13:13:36+00:00\",\"description\":\"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#primaryimage\",\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/1-2.webp\",\"contentUrl\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/1-2.webp\",\"width\":2560,\"height\":1707},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/\",\"name\":\"Ara\u00fajo e Policastro Advogados\",\"description\":\"\u00c9 um dos mais conceituados escrit\u00f3rios de advocacia do Brasil, especializado em direito empresarial e internacional, com ampla experi\u00eancia e excel\u00eancia.\",\"publisher\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#organization\",\"name\":\"Ara\u00fajo e Policastro Advogados\",\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/araujo-policastro-1.png\",\"contentUrl\":\"https:\\\/\\\/araujopolicastro.com.br\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/araujo-policastro-1.png\",\"width\":435,\"height\":53,\"caption\":\"Ara\u00fajo e Policastro Advogados\"},\"image\":{\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/araujopolicastro\",\"https:\\\/\\\/www.instagram.com\\\/araujoepolicastroadv\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/#\\\/schema\\\/person\\\/03ca544f6c7b67a7c8a75a4511ded0e2\",\"name\":\"Thiago Santos\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g\",\"caption\":\"Thiago Santos\"},\"url\":\"https:\\\/\\\/araujopolicastro.com.br\\\/en\\\/author\\\/thiago-santos\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages","description":"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/","og_locale":"en_US","og_type":"article","og_title":"What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages","og_description":"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.","og_url":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/","og_site_name":"Ara\u00fajo e Policastro Advogados","article_publisher":"https:\/\/www.facebook.com\/araujopolicastro","article_published_time":"2026-09-02T12:45:58+00:00","article_modified_time":"2026-09-02T13:13:36+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp","type":"image\/png"}],"author":"Thiago Santos","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Thiago Santos","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#article","isPartOf":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/"},"author":{"name":"Thiago Santos","@id":"https:\/\/araujopolicastro.com.br\/en\/#\/schema\/person\/03ca544f6c7b67a7c8a75a4511ded0e2"},"headline":"Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages","datePublished":"2026-09-02T12:45:58+00:00","dateModified":"2026-09-02T13:13:36+00:00","mainEntityOfPage":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/"},"wordCount":1614,"commentCount":0,"publisher":{"@id":"https:\/\/araujopolicastro.com.br\/en\/#organization"},"image":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#primaryimage"},"thumbnailUrl":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp","keywords":["antitrust class-action lawsuits","class-action lawsuits","competition law","competitive damages","currency cartel"],"articleSection":["AP Bulletin","Publications"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/","url":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/","name":"What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages","isPartOf":{"@id":"https:\/\/araujopolicastro.com.br\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#primaryimage"},"image":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#primaryimage"},"thumbnailUrl":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp","datePublished":"2026-09-02T12:45:58+00:00","dateModified":"2026-09-02T13:13:36+00:00","description":"The foreign exchange cartel case highlights the challenges of class-action lawsuits for competition-related damages, from defining the class to formulating the claim.","breadcrumb":{"@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#primaryimage","url":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp","contentUrl":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2026\/09\/1-2.webp","width":2560,"height":1707},{"@type":"BreadcrumbList","@id":"https:\/\/araujopolicastro.com.br\/en\/form-matters-what-the-foreign-exchange-cartel-case-teaches-us-about-class-actions-for-competition-related-damages\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/araujopolicastro.com.br\/en\/"},{"@type":"ListItem","position":2,"name":"Form Matters: What the Foreign Exchange Cartel Case Teaches Us About Class Actions for Competition-Related Damages"}]},{"@type":"WebSite","@id":"https:\/\/araujopolicastro.com.br\/en\/#website","url":"https:\/\/araujopolicastro.com.br\/en\/","name":"Ara\u00fajo e Policastro Advogados","description":"\u00c9 um dos mais conceituados escrit\u00f3rios de advocacia do Brasil, especializado em direito empresarial e internacional, com ampla experi\u00eancia e excel\u00eancia.","publisher":{"@id":"https:\/\/araujopolicastro.com.br\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/araujopolicastro.com.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/araujopolicastro.com.br\/en\/#organization","name":"Ara\u00fajo e Policastro Advogados","url":"https:\/\/araujopolicastro.com.br\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/araujopolicastro.com.br\/en\/#\/schema\/logo\/image\/","url":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2024\/07\/araujo-policastro-1.png","contentUrl":"https:\/\/araujopolicastro.com.br\/wp-content\/uploads\/2024\/07\/araujo-policastro-1.png","width":435,"height":53,"caption":"Ara\u00fajo e Policastro Advogados"},"image":{"@id":"https:\/\/araujopolicastro.com.br\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/araujopolicastro","https:\/\/www.instagram.com\/araujoepolicastroadv\/"]},{"@type":"Person","@id":"https:\/\/araujopolicastro.com.br\/en\/#\/schema\/person\/03ca544f6c7b67a7c8a75a4511ded0e2","name":"Thiago Santos","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89b9f5ebd56faa652f5e60feb0a533749a3a78b53b3286bd2297789023ae6b17?s=96&d=mm&r=g","caption":"Thiago Santos"},"url":"https:\/\/araujopolicastro.com.br\/en\/author\/thiago-santos\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/posts\/8193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/comments?post=8193"}],"version-history":[{"count":5,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/posts\/8193\/revisions"}],"predecessor-version":[{"id":8205,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/posts\/8193\/revisions\/8205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/media\/8198"}],"wp:attachment":[{"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/media?parent=8193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/categories?post=8193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/araujopolicastro.com.br\/en\/wp-json\/wp\/v2\/tags?post=8193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}