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icapital.biz / corporate news / ANZ / Bank Bill Swap Rate (BBSW) Court Case Settlement
Bank Bill Swap Rate (BBSW) Court Case Settlement
The Australian Federal Court has approved ANZ’s settlement with Australian Securities and Investments Commission (ASIC) in relation to ANZ’s attempted unconscionable conduct and weak compliance controls in the Australian interbank BBSW market between late 2010 and early 2012. ANZ has agreed to pay a A$10 mln penalty,a further A$20 mln to a Financial Consumer Protection Fund and A$20 mln of ASIC’s legal costs. Further, ANZ has entered into an enforceable undertaking with ASIC, whereby an independent expert will review its BBSW trading operations.