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Three Aussie banks face US class action

AAP logoAAP 18/08/2016

ANZ, Westpac and National Australia Bank are among the targets of a class action in the United States related to trading in the bank bill swap rate.

The action filed in the United States District Court for the Southern District of New York references proceedings brought by the Australian Securities Investments Commission related to alleged manipulation of the rate at which banks lend each other money.

ANZ, Westpac and NAB are all subject to the proceedings by ASIC, and have acknowledged the class action launched by two US-based investment funds and an individual derivatives trader.

ANZ said a total of 17 banks and two international broking houses have been named, and it will vigorously defend the case.

Westpac said it it is yet to be formally served with any US legal proceedings, but has denied the allegations made in the claim.

ANZ, NAB and Westpac have all rejected ASIC's claims of manipulation of bank bill swap rap.

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