CORRECTED-S.African panel overturns $52 mln claim against Standard Bank
(Corrects Friday's story to clarify legal order was not a penalty. Corrects second paragraph to clarify the claim was for 528 million rand worth of shares, not 528 million rand, and that the ruling was by a legal arbitrator, not a court.)
JOHANNESBURG Nov 29 (Reuters) - A South African legal panel has overturned a claim worth $52 million against Standard Bank , reversing a ruling last year that Africa's largest bank had dealt improperly with the shares of a union pension fund.
A legal arbitrator last December ordered Standard Bank to deliver 528 million rand worth of shares ($51.65 million) to the pension fund of the South African Commercial, Catering and Allied Workers Union (SACCAWU) over a share deal which the arbitrator said should never have happened.
But an appeal panel this week overturned the decision, dismissing all of the fund's claims and ordering it to pay the lender's legal costs, Standard Bank said. ($1 = 10.2228 South African rand) (Reporting by David Dolan; Editing by Ed Cropley)
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