Westpac takes BBSW case down to the wire

Original article by Sally Patten, Jonathan Shapiro
The Australian Financial Review – Page: 4 : 30-Oct-17

National Australia Bank has joined the ANZ Bank in reaching a settlement with the Australian Securities & Investments Commission over rate-rigging allegations. The NAB is understood to have agreed to make a total payment of $A50 million, of which $A10 million would be seen as a penalty and $A20 million would go towards ASIC’s legal costs. The remaining $A20 million would be donated to a consumer protection fund. Westpac, the third bank involved in the bank bill swap rate case, is believed to be still considering whether it should challenge ASIC’s allegations in court.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA

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