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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The 737 MAX 10, Boeing Co.'s largest 737 Max model, is taking its maiden flight today, reports said citing people familiar with the matter. The flight after months of testing and certification will be around 10 a.m. local time from the Seattle area. The schedule could change depending on weather or other factors. Meanwhile, the jetliner is expected to enter commercial service in 2023. Medical devices supplier Smiths Medical, affiliated to Smiths Group plc, is recalling certain Jelco Hypodermic Needle-Pro Fixed Needle insulin syringes with skewed graduation markings, the U.S. Food and Drug Administration said. The recall was initiated after the company became aware of specific models and lots of Jelco insulin syringes that may exhibit skewed odd number line graduation markings. Saliva-based COVID-19 testing is rolled out as a pilot for public schools in New York City. The new two-month pilot program is being implemented in about 50 New York City public schools and utilizes Fluidigm Technology to offer RT-PCR COVID-19 testing. New York City public schools have instituted mandatory random weekly testing in all reopened school buildings to ensure safer in-person learning.
Follow RTT