Hearing Alert: BANKING FOREX MATTER
The Tribunal is scheduled to hear arguments by the Competition Commission (“the Commission”) in its joinder applications i.e. the Commission seeks to add a further nine banks as respondents in the main complaint referral. The Commission seeks to add the following banks:
- HSBC Bank USA N.A Inc.
- Merrill Lynch Peirce Fenner & Smith Inc.
- Bank of America N.A
- Credit Suisse Securities (USA) LLC
- Nedbank Group Ltd
- Nedbank Ltd
- FirstRand Ltd
- FirstRand Bank Ltd
- Standard Americas Inc
Thereafter, the Tribunal will hear the second round of exceptions (i.e. preliminary objections) and dismissal applications brought by the respondent banks, in response to the main updated complaint referral. The exceptions include, among others, alleged lack of personal and subject matter jurisdiction, failure to disclose a cause of action and insufficiency of facts to support the Commission’s case.
Those wishing to follow the proceedings are requested to contact the Tribunal’s Communications Officer for each days’ hearing link.
Background
This is the second round of exceptions following the Tribunal hearing in 2018, in which the Tribunal partially upheld several grounds of exception raised by the respondent banks. Among others, the Tribunal rejected the respondent banks’ call for the referral against them to be dismissed, ordering rather that the Commission redraft its referral. In relation to the joinder of new parties, the Tribunal deferred the question of whether to join additional respondents, finding that a determination of the joinder would require much of the information it was requiring the Commission to address in its revised referral. The Tribunal’s order was appealed to the Competition Appeal Court (“CAC”) which, inter alia, ordered the Commission to file a new referral.
Issued by:
Gillian de Gouveia, Communications Officer
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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