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NAB settles BBSW case

By Reporter
 — 1 minute read

The major bank has agreed to settle a US class action against it related to the bank bill swap rate.

In a statement, NAB said it had reached an agreement to settle the case, which commenced in the US in 2016 and drew in other major Australian institutions including ANZ, which settled earlier in the year.

“The class action in which NAB and multiple other institutions were named as defendants relates to the bank bill swap rate and trading of BBSW-based products,” the bank said.

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“While the claimed against NAB have been dismissed on jurisdictional grounds, there remained a possibility that the dismissal could be reversed and the claims against NAB reinstated.”

NAB said the settlement did not include admission of liability and remained subject to negotiation and the execution of complete settlement terms and court approval.

“The terms of the settlement remain confidential,” NAB said.

“NAB had previously raised provisions in respect of this matter and the financial impact of the settlement is not substantial.”

 

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NAB settles BBSW case
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