ANZ Bank Settles With Regulator On Rate-Rigging Case
- Last-minute agreement comes as court hearings set to start
- Bank to pay more than A$50 million, Financial Review reports
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Australia & New Zealand Banking Group Ltd. reached a last-minute settlement with the nation’s securities regulator over allegations it rigged a benchmark interest rate.
The in-principle agreement was announced on the first day of a court hearing over allegations ANZ Bank, Westpac Banking Corp. and National Australia Bank Ltd. traders sought to manipulate the benchmark bank bill swap rate -- used to price more than A$10 trillion ($7.8 trillion) in derivatives -- to benefit their institutions’ trading positions.