Commonwealth Bank and ASIC to settle interest rate-rigging case


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.






First posted

May 09, 2018 09:54:58

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