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ANZ settles class action over BBSW

By Reporter
 — 1 minute read

The major bank has settled a case against it in the US relating to its role in the bank bill swap rate scandal.

In a statement, ANZ said it had reached an agreement to settle the class action, which was brought against the bank in the US in 2016.

"The class action named a number of banks including ANZ and related to the BBSW and the trading of BBSW-based products," ANZ said.

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"The settlement is without admission of liability and remains subject to negotiation and execution of complete settlement terms as well as court approval."

The bank said the terms of the settlement were confidential and the financial impact to ANZ was "not material".

ANZ was taken to court by ASIC in 2017 along with the other big four banks for their role in rigging the BBSW,  which led to a $50 million dollar penalty for the bank for attempting to engage in "unconscionable conduct".

In an update to the market later on Monday, CBA confirmed it had also reached an agreement around its involvement in the US action, which did not involve admission of liability and was subject to court approval.

The bank said it had already set aside a provision for the settlement in the current financial year.

 

ANZ settles class action over BBSW
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