ANZ (ASX:ANZ) settles rate-rigging dispute without admission of liability

Company News

by Michael Luu

ANZ (ASX:ANZ) has reached an agreement to settle a class action filed against two of Australia’s big four banks for alleged rate rigging.

Sonterra Capital Master Fund and Frontpoint Financial Funds accused ANZ and the Commonwealth Bank of meddling with the bank bill swap rate (BBSW), costing them millions of dollars in financial losses. The Australian banking giant released a statement this morning claiming that the settlement is without admission of liability, while the terms of settlement are undisclosed.

Shares in ANZ (ASX:ANZ) are trading 0.64 per cent higher at $28.41.