NAB settles US Bank Bill Swap Rate class action

National Australia Bank has agreed to settle a Bank Bill Swap Rate (BBSW) related class action that commenced in the US in 2016.  

The settlement follows ANZ and the Commonwealth Bank which agreed to settle the same class action in March.  

The class action in which NAB, and multiple other financial institutions were named as defendants related to the Bank Bill Swap Rate (BBSW) and the trading of BBSW-based products.  

“While the claims against NAB have been dismissed on jurisdictional grounds, there remained a possibility that the dismissal could be reversed and the claims against NAB reinstated,” NAB said in a release to the Australian Securities Exchange on Friday.  

“The settlement is without admission of liability and remains subject to negotiation and the execution of complete settlement terms and court approval.”  

NAB said the terms of the settlement remained confidential.   

The lender said it had previously raised provisions for any settlement arising from the class action and claimed the financial impact is not substantial. 

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