National Australia Taken to Court as Rate-Fixing Case Widens
- Regulator claims bank tried to manipulate BBSW on 50 occasions
- The bank is the third domestic lender to face such action
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Australia’s securities regulator said it has started civil legal proceedings against National Australia Bank Ltd. for allegedly manipulating the nation’s benchmark swap rate, the third such action against a domestic lender in a more than a three-year investigation.
The Australian Securities & Investments Commission alleges that on 50 occasions, from June 8, 2010 to Dec. 24, 2012, the Melbourne-based bank traded in a manner intended to create an “artificial” price for bank bills, the watchdog said in a statement Tuesday.