ANZ (ASX:ANZ) has announced it has reached a confidential in-principle agreement with the Australian Securities and Investments Commission (ASIC) to settle court action in the Federal Court bank trial scheduled to start today.
ASIC has asked the court this morning to stand down the trial for 48 hours.
ANZ has agreed to settle, which will progress the in-principle agreement.
The trial also involves other major banks in relation to the bank bill swap rate (BBSR).
ANZ said the financial impact based on the in-principle agreement will be reflected in the bank’s FY2017 results.
Shares in ANZ (ASX:ANZ) are trading 0.13 per cent higher to $30.63.