On 27 July 2020, the High Court dismissed an application by UBS AG to strike out or obtain summary judgment in relation to the Federal Deposit Insurance Corporation’s (FDIC-R) claims alleging that UBS AG and other banks had colluded to manipulate the United States Dollar London Interbank Offered Rate (USD LIBOR) benchmark in breach of the Chapter 1 Prohibition and Article 101 TFEU. FDIC-R brought an action on 10 March 2017, more than six years after the conduct at issue. UBS argued that the claim was time barred and that FDIC-R had no real prospects of overcoming the requirements of the limitation defence as set out in section 32(1)(b) of the Limitation Act. The High Court found that it was entirely realistic for FDIC-R to contend that, prior to the publication of various regulatory findings against certain defendant banks in 2012, there was no solid evidence that challenged the assumption that the sustained low level of US LIBOR stemmed from innocent causes. UBS failed to persuade the High Court that it would be unrealistic for FDIC-R to run a case at trial in reliance on Section 32(1)(b) that its claims are not statute barred.