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South Africa’s Competition Appeal Court dismissed the cases against most of the 28 banks accused of colluding to fix the rand in the New York foreign exchange market almost a decade ago, Business Day reported, citing the tribunal.
The court ruled in favor of South African lenders including Standard Bank Group Ltd., Nedbank Group Ltd., and FirstRand Ltd., and most of the foreign banks who faced the accusations, the Johannesburg-based newspaper reported on Tuesday. That leaves JPMorgan Chase & Co., BNP Paribas SA, HSBC Holdings Plc, Credit Suisse Group AG and Investec Plc to face trial, according to the report.
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