Investec throws jab in banks’ forex case
Investec accuses the Competition Commission of delays, flip-flopping and flouting of procedures
Investec wants the Competition Commission’s conduct declared "vexatious and unreasonable" by the Competition Tribunal in the forex case against currency traders, accusing it of repeated delays, flip-flopping on issues and flouting procedures. Hearings in the case, first referred to the tribunal in February 2017, started on Monday with banks arguing technical issues, such as whether the commission had jurisdiction over foreign entities. Investec’s application is adding another twist to what is shaping up to be a protracted legal battle between the commission and banks. The Competition Commission investigates complaints regarding anti-competitive conduct, which it can then refer to the Tribunal. While the commission can make recommendations on for example fines, the tribunal has the decision-making power. The commission referred a collusion case to the tribunal for prosecution against 23 banks, among them Bank of America Merrill Lynch International, BNP Paribas, JPMorgan Chase, Invest...
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