The Constitutional Court cleared three of South Africa’s banks (Standard Bank, Nedbank, and FirstRand) on Wednesday, against forex rigging allegations, dating back to more than ten years ago.
The case was brought by the Competition Commission, claiming these banks were rigging the rand/ foreign exchange.
The case was also brought against international banks- JPMorgan Chase, HSBC, BNP Paribas, and Standard Americas Incorporated.
The court dismissed the Commission’s appeal against South African banks, implying the Commission based its case on conspiracy claims.
But international banks must still have a hearing about the matter, including BNP Paribas, JPMorgan Chase, Investec, and HSBC.