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.