FRT Insights

RESOURCES

Case Spotlight: Bank Bill Swap Rate (BBSW) Antitrust

On March 22, 2021, Australia And New Zealand Banking Group (ANZ) and Commonwealth Bank of Australia (CBA) announced that they had separately reached agreements to settle a class action alleging that the banks conspired to manipulate BBSW-Based Derivatives.

The lawsuit, filed in the US in 2016, alleges that during the period of January 1, 2003 – December 31, 2012, each Defendant manipulated the price for Bank Bill Swap Rate-Based (BBSW) Derivatives, a short-term interest rate used as a benchmark for the pricing of Australian dollar derivatives and securities. Plaintiffs allege that Defendants coordinated manipulative, uneconomic transactions of Prime Bank Bills during the daily BBSW “Fixing Window” in order to move the published BBSW rate in a direction that benefitted their BBSW-Based Derivatives trading positions.

This class action was filed in the wake of the Australian Securities and Investments Commission’s (ASIC) suit in 2016 alleging the same market misconduct, resulting in $125 million from three pre-trial settlements with Westpac, National Australia Bank and ANZ.

To-date, two additional banks have reached settlement agreements in the US class action:

  • JPMorgan Chase – $7,000,000
  • Westpac – $25,000,000

Important dates and deadlines

Settlement Class Period: January 1, 2003 – December 31, 2012
Claim Form Deadline: TBD
Fairness Hearing: TBD
Opt-Out Deadline: TBD

Next Steps

If you believe you were active in the BBSW-Based derivatives market between January 1, 2003 – December 31, 2012, you may be eligible to recover as a part of this action. Currently, the settlement is pending preliminary approval. There are no proposed claims filing date and litigation continues against the remaining defendants. FRT will continue to monitor the progression of this action and keep the market informed of any meaningful updates.

Learn More

To learn more about how FRT can help your firm identify and monitor antitrust litigation opportunities, visit our website.

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

Search Tags

Subscribe to FRT's Monthly Newsletter

Get a monthly update with the latest industry developments related to U.S. Settled, non-U.S. opt-in, global passive and antitrust actions and recovery opportunities

 

Our Authors

avatar for Andrew LaskyAndrew Lasky

Product Marketing Manager

avatar for Jenn RothenbergJenn Rothenberg

VP of Marketing

avatar for Mike LangeMike Lange

SVP, Worldwide Litigation

avatar for Rob AdlerRob Adler

Chief Executive Officer

avatar for Sean CooksonSean Cookson

Vice President and Managing Director - APAC

Latest News