ANZ and Commonwealth Bank have reached an agreement to settle the US bank bill swap reference rate (BBSW) class action.
In separate announcements to the Australian Securities Exchange (ASX), both banks said the class action commenced in 2016 in the US Court for the southern district of New York against ANZ, CBA, other banks, and two brokers in relation to the trading of certain products in connection with the BBSW.
Both banks said the financial impact of the settlement was not material.
CBA said: “The settlement is without admission of liability and subject to the negotiation and execution of a deed of settlement and court approval. CBA previously raised a provision in relation to this matter in the 2021 financial year and the financial impact of the settlement is not material. The terms of the settlement are currently confidential”.
