BBSW-BASED DERIVATIVES SETTLEMENT

Late claims are being considered for compensation, subject to approval.

S.D. New York

Court

16-cv-06496

Case number

01/01/2003

Class period Start

08/16/2016

Class period End

01/16/2023

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

Case Status

Accepting Late Claims

Alleged Offence

Other

Suspected Party

Other

Security Type

Interest Rate

Trade Direction

Long

Plaintiffs

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.

Attorneys

Lowey Dannenberg, P.C., Lovell Stewart Halebian Jacobson LLP

Judge

Hon. Lewis A. Kaplan.

Administrator

A.B. Data Ltd

Court hearing date

11/01/2022

Trades matching type

FIFO

+$185,875,000

Cash Settlement Amount