NAB settles US Bank Bill Swap Rate class action

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.

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“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.

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