# The Constitutional Court has dismissed the Competition Commission’s appeal against most of the 28 banks it had accused of colluding to manipulate the rand. This effectively clears the likes of Standard Bank, Nedbank, FirstRand, and Bank of America. The court ruled that the commission’s prosecution against the banks was based on flawed factual assumptions. However, the apex court has allowed the commission’s appeal to proceed against BNP Paribas, JP Morgan Chase, HSBC, and Standard Americas Incorporated.
Competition Commission’s appeal against a ruling that barred it from prosecuting banks has failed