The Competition Tribunal in South Africa has ruled that it has jurisdiction to hear the case against foreign and local banks accused of colluding to manipulate the rand-dollar exchange rate. The banks include HSBC Bank USA, Merrill Lynch, Bank of America, Credit Suisse Securities (US), Nedbank, FirstRand, and Standard Americas. The banks are accused of colluding on forex deals between 2007 and at least September 2013, manipulating the rand’s price and impacting the South African economy. The tribunal has ordered all banks to respond to the allegations within specified time frames, allowing the case to progress.
