National Australia Said to Face Court Action in BBSW Probe
- Regulator set to lodge proceedings over alleged rate fixing
- Case will follow similar actions against Westpac, ANZ Bank
National Australia Bank Said to Face Court Action
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Australia’s securities regulator is set to start civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, according to a person familiar with the matter.
It will be the third such legal action in a more-than three-year investigation by the Australian Securities & Investments Commission into alleged manipulation of the bank-bill swap rate -- the local equivalent of Libor also known as BBSW.