South Africa's Constitutional Court has ruled that competition authorities may proceed with a case alleging foreign-exchange rigging against six major international banks.
The decision removes a legal barrier that had stalled the proceedings, clearing the way for a full hearing on allegations that the institutions manipulated the trading of the South African rand.
The banks named in the case include JPMorgan Chase, BNP Paribas, and HSBC, among others.
The ruling is significant because it affirms the jurisdiction of South African competition regulators to pursue these claims domestically, rather than deferring to overseas regulatory bodies.
This sets a precedent for how cross-border financial misconduct is adjudicated in emerging markets.
The case is part of a broader global crackdown on foreign-exchange rigging that has seen numerous financial institutions face fines and settlements in recent years.