ANZ, CBA Agree To Settle 2016 U.S. BBSW Class Action

Australia And New Zealand Banking Group Ltd. (ANZ.AX,ANZBY.PK,ANZ) and Commonwealth Bank of Australia (CBA.AX) separately said that they reached an agreement with plaintiffs to settle a class action brought against the Banks in the United States during 2016.

The class action named a number of banks, including ANZ and CBA, related to the bank bill swap rate or BBSW and the trading of BBSW-based products.

The banks also said the settlement is without admission of liability and remains subject to negotiation and execution of complete settlement terms as well as court approval. The terms of the settlement remain confidential. The financial impact of the settlement is not material.

CBA said it previously raised a provision in relation to the matter in the 2021 financial year.

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