South Africa Court Dismisses Credit Suisse From 6-Year Rand-Fixing Suit
Updated
Updated · Bloomberg · Jun 30
South Africa Court Dismisses Credit Suisse From 6-Year Rand-Fixing Suit
2 articles · Updated · Bloomberg · Jun 30
Summary
South Africa’s Constitutional Court removed Credit Suisse from a case accusing banks of manipulating the rand-dollar exchange rate through at least September 2013.
The suit stems from a May 2015 complaint by the Competition Commission, which alleged banks colluded to rig the rand against the dollar.
That investigation followed a global market-manipulation probe exposed in 2013, which triggered US and UK inquiries and led to billions of dollars in settlements.