CBA faces fresh BBSW manipulation claims

CBA faces fresh BBSW manipulation claims

Yes

ASIC has lodged a fresh statement of claim to the Federal Court alleging it found three further occasions that the Commonwealth Bank attempted to manipulate the bank bill swap rate.

An ASIC spokesperson has confirmed to ifa sister title InvestorDaily that the regulator has lodged a new statement of claim to the Federal Court.

The new statement of claim alleges it found the major bank to have manipulated the BBSW on six occasions, not three.

However, the bank has issued a statement denying ASIC's claims and announcing that it will be "reviewing" the fresh statement of claim. 

On 30 January, ASIC commenced civil proceedings against CBA alleging that between January and October 2012, the Commonwealth Bank “traded with the intention of affecting the level at which BBSW was set so as to maximise its profits or minimise its losses”.

ANZ and NAB opted to settle their BBSW cases with ASIC, with Westpac still awaiting judgement.

CBA faces fresh BBSW manipulation claims
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