Australia’s Big Banks Risk Losing Billions over Alleged BBSW Rate-Rigging
Posted: Wed Aug 17, 2016 11:58 am
Australia’s leading banks may have landed themselves in hot water and could stand to lose billions after becoming embroiled in an international lawsuit launched by two US hedge funds and a derivative trader in connection with alleged rate rigging, according to The Sydney Morning Herald today.
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Rate Rigging Allegations
ANZ, Westpac, National Australia Bank and Macquarie Group are among several international banks that have this week been hit with legal action over allegations that traders at the banks rigged the bank bill swap rate (BBSW).
The ... (read more)