South African competition office seeks price-fixing damages

Competition commission finds 14 banks colluded on USD/ZAR prices and seeks 10% of their annual turnover in damages

South Africa: rand-fixing claims may prove costly for banks named by the competition commission

The Competition Commission of South Africa has found 17 banks colluded to fix the price of the rand against the dollar, and manipulated the price of bids and offers, since at least 2007, referring the case for prosecution.

The institutions named in the complaint are: Bank of America Merrill Lynch International Limited; BNP Paribas; JP Morgan Chase & Co; JP Morgan Chase Bank NA; Investec Ltd; Standard New York Securities Inc; HSBC Bank Plc; Standard Chartered Bank; Credit Suisse Group; Standard B