Commonwealth Bank and ASIC to settle interest rate-rigging case


Updated

May 09, 2018 09:58:04

Commonwealth Bank has agreed to pay $25 million to settle an interest rate rigging case brought by ASIC.

As part of the in-principle settlement, CBA will admit that it engaged in unconscionable conduct, and manipulated the bank bill swap rate (BBSW) five times between February and June 2012.

The figure includes a $5 million penalty, a $15 million payment to a financial consumer protection fund, and $5 million towards ASIC’s legal costs.

CBA and ASIC will make an application to the Federal Court for the deal to be approved.

More to come.

Topics:

business-economics-and-finance,

industry,

banking,

australia

First posted

May 09, 2018 09:54:58



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