Agrees to settle US BBSW class action complaint

Source: RNS
RNS Number : 3286C
National Australia Bank Ld
18 June 2021

800 Bourke Street

Docklands VIC 3008

Friday 18 June 2021



ASX Announcement


NAB agrees to settle US BBSW class action complaint


National Australia Bank Limited (NAB) today announced it had reached an agreement to settle a class action commenced in the United States in 2016.


The class action in which NAB and multiple other financial institutions were named as defendants relates to the Bank Bill Swap Rate (BBSW) and the trading of BBSW-based products.


While the claims against NAB have been dismissed on jurisdictional grounds, there remained a possibility that the dismissal could be reversed and the claims against NAB reinstated.


The settlement is without admission of liability and remains subject to negotiation and the execution of complete settlement terms and court approval.


The terms of the settlement remain confidential.


NAB had previously raised provisions in respect of this matter and the financial impact of the settlement is not substantial.



For further information:


Mark Alexander                                                      Jessica Forrest

M: +61 (0) 412 171 447                                          M: +61 (0) 457 536 958

Investor Relations

Sally Mihell                                                              Natalie Coombe

M: +61 (0) 436 857 669                                          M: +61 (0) 477 327 540




The release of this announcement was authorised by Gary Lennon, Group Chief Financial Officer.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.