NAB settles US Bank Bill Swap Rate class action
National Australia Bank (NAB) has agreed to settle a Bank Bill Swap Rate (BBSW) related class action that commenced in the US in 2016.
This follows ANZ and the Commonwealth Bank that also agreed to settle the same class action in March.
NAB said it and other financial institutions were named as defendants related to the BBSW and the trading of BBSW-based products.
“While the claims against NAB have been dismissed on jurisdictional grounds, there remained a possibility that the dismissal could be reversed and the claims against NAB reinstated,” NAB said.
“The settlement is without admission of liability and remains subject to negotiation and the execution of complete settlement terms and court approval.”
The settlement terms remained confidential.
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
