10(1)After section 49 insert—
(1)The Tribunal may, in accordance with this section and Tribunal rules, make an order approving the settlement of claims in collective proceedings (a “collective settlement”) where—
(a)a collective proceedings order has been made in respect of the claims, and
(b)the Tribunal has specified that the proceedings are opt-out collective proceedings.
(2)An application for approval of a proposed collective settlement must be made to the Tribunal by the representative and the defendant in the collective proceedings.
(3)The representative and the defendant must provide agreed details of the claims to be settled by the proposed collective settlement and the proposed terms of that settlement.
(4)Where there is more than one defendant in the collective proceedings, “defendant” in subsections (2) and (3) means such of the defendants as wish to be bound by the proposed collective settlement.
(5)The Tribunal may make an order approving a proposed collective settlement only if satisfied that its terms are just and reasonable.
(6)On the date on which the Tribunal approves a collective settlement—
(a)if the period within which persons may opt out of or (in the case of persons not domiciled in the United Kingdom) opt in to the collective proceedings has expired, subsections (8) and (10) apply so as to determine the persons bound by the settlement;
(b)if that period has not yet expired, subsections (9) and (10) apply so as to determine the persons bound by the settlement.
(7)If the period within which persons may opt out of the collective proceedings expires on a different date from the period within which persons not domiciled in the United Kingdom may opt in to the collective proceedings, the references in subsection (6) to the expiry of a period are to the expiry of whichever of those periods expires later.
(8)Where this subsection applies, a collective settlement approved by the Tribunal is binding on all persons falling within the class of persons described in the collective proceedings order who—
(a)were domiciled in the United Kingdom at the time specified for the purposes of determining domicile in relation to the collective proceedings (see section 47B(11)(b)(i)) and did not opt out of those proceedings, or
(b)opted in to the collective proceedings.
(9)Where this subsection applies, a collective settlement approved by the Tribunal is binding on all persons falling within the class of persons described in the collective proceedings order.
(10)But a collective settlement is not binding on a person who—
(a)opts out by notifying the representative, in a manner and by a time specified, that the claim should not be included in the collective settlement, or
(b)is not domiciled in the United Kingdom at a time specified, and does not, in a manner and by a time specified, opt in by notifying the representative that the claim should be included in the collective settlement.
(11)This section does not affect a person’s right to offer to settle opt-in collective proceedings.
(12)In this section and in section 49B, “specified” means specified in a direction made by the Tribunal.”
(2)Section 49A of the Competition Act 1998 applies to claims arising before the commencement of this paragraph as it applies to claims arising after that time.