NAB settles US Bank Bill Swap Rate class action

BBSW/Bank-Bill-Swap-Rate/NAB/class-action/

18 June 2021
| By Jassmyn |
image
image image
expand image

National Australia Bank (NAB) has agreed to settle a Bank Bill Swap Rate (BBSW) related class action that commenced in the US in 2016.

This follows ANZ and the Commonwealth Bank that also agreed to settle the same class action in March.

NAB said it and other financial institutions were named as defendants related to the BBSW and the trading of BBSW-based products.

“While the claims 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 is without admission of liability and remains subject to negotiation and the execution of complete settlement terms and court approval.”

The settlement terms remained confidential.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 2 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5