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ANZ Bank Taken to Court by ASIC Over Alleged Rate Rigging

  • ASIC accuses bank of trying to set artificial bank bills price
  • Lender denies allegation, will `vigorously defend' the claim
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Australia’s securities regulator said it has started legal proceedings against Australia & New Zealand Banking Group Ltd. for allegedly manipulating the nation’s benchmark interest rate -- the first court action in a more-than-three-year probe across the banking industry.

Civil penalty proceedings have commenced against the bank in the Federal Court in Melbourne, the Australian Securities & Investments Commission said in a statement Friday. The regulator alleges that ANZ Bank “traded in a manner intended to create an artificial price for bank bills” on 44 separate days from March 2010 to May 2012.