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
AUSTRALIA

www.nab.com.au

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:

Media

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.

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