BBSW-BASED DERIVATIVES SETTLEMENT

Settled

01 January 2003

Class period Start

16 August 2016

Class period End

16 January 2023

Claim deadline

Several 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

Created by Stan Vick Chase, Scout

Bank Bill Swap Rate

The Bank Bill Swap Rate (BBSW), or Bank Bill Swap Reference Rate, is a short-term interest rate used as a benchmark for the pricing of Australian dollar derivatives and securities—most notably, flo...

Ticker

BBSW.AU

Sector

Financial Services

Industry

Financial Services

Country

Australia