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ASIC lodges new claims against CBA over BBSW

By Jessica Yun
1 minute read

The Commonwealth Bank is facing a fresh slate of claims relating to alleged manipulation of the bank bill swap rate. 

ASIC has lodged a fresh Statement of Claim to the Federal Court alleging it found three further occasions that the bank attempted to manipulate the BBSW.

An ASIC spokesperson has confirmed with InvestorDaily that the regulator has lodged a new Statement of Claim to the Federal Court.

The new Statement of Claim alleges it found the major bank to have manipulated the BBSW on six occasions, not three.

On 30 January, ASIC commenced civil proceedings against CBA alleging that between “January and October 2012, the Commonwealth Bank “traded with the intention of affecting the level at which BBSW was set so as to maximise its profits or minimise its losses”.

ANZ and NAB opted to settle their BBSW cases with ASIC with Westpac still awaiting judgement.