Standard Bank cleared of any wrongdoing in currency manipulation case

JOHANNESBURG - The Competition Appeal Court has cleared Standard Bank of any wrongdoing in the decade-long currency manipulation case.

In a statement, Standard Bank said it welcomed Monday's decision by the court.

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In the ruling, the court found that the case against Standard Bank "did not get out of the legal starting blocks".

Standard Bank was one of 28 local and international financial institutions investigated by the Competition Commission for manipulating rand and dollar foreign exchange rate transactions between 2007 and 2013.