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BBSW.AU
id: 472, Created by Stan Vick Chase, Scout
BBSW-BASED DERIVATIVES SETTLEMENT
Settled
01 January 2003
Class period Start16 August 2016
Class period End16 January 2023
Claim deadlineSeveral Big Banks agreed to pay a total of $185.9 million to settle a class action lawsuit to avoid further litigation on alleged manipulation of the Bank Bill Swap Rate (BBSW) and the prices of BBSW-Based Derivatives.
The Settlements will provide the following amounts for the benefit of qualifying members, inclusive:
JPMorgan Settlement: $7,000,000
Westpac Settlement: $25,000,000
ANZ Settlement: $35,500,000
CBA Settlement: $35,500,000
NAB Settlement: $27,000,000
Credit Suisse Settlement: $8,875,000
Morgan Stanley Settlement: $7,000,000
BNPP, Deutsche Bank, RBC, RBS and UBS Settlement: $40,000,000
TOTAL: $185,875,00
Alleged Offence
Other
Suspected Party
Other
Security Type
Interest Rate
Trade Direction
Long
Lead plaintiff
Richard Dennis, Sonterra Capital Master Fund, Ltd., FrontPoint Financial Services Fund, L.P., FrontPoint Asian Event Driven Fund, L.P., FrontPoint Financial Horizons Fund, L.P.
Attorney
Lowey Dannenberg, P.C., Lovell Stewart Halebian Jacobson LLP
Court
Southern District of New York
Judge
Hon. Lewis A. Kaplan.
Administrator
A.B. Data Ltd
Court hearing date
01 November 2022
+$185,875,000
Total Settlement Amount