Judge Approves A$100 Million Aussie Rate-Rigging Settlements
- ANZ Bank, National Australia Bank to pay A$50 million each
- Westpac is still fighting ASIC allegations of wrongdoing
National Australia Bank CEO Andrew Thorburn appears before the House of Representatives Standing Committee on Economics at Parliament House in Canberra on Oct. 20.
Photographer: Mark Graham/BloombergThis article is for subscribers only.
An Australian judge on Friday approved a A$100 million ($77 million) settlement between the securities regulator and two of the country’s largest lenders accused of seeking to rig the benchmark bank bill swap rate.
Australia & New Zealand Banking Group Ltd. and National Australia Bank Ltd. will both pay A$50 million each to end the case brought by the Australian Securities & Investments Commission, Justice Jayne Jagot told the Federal Court in Melbourne. The penalties should serve as a deterrent, Jagot said.