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ASIC begins proceedings against ANZ for alleged rate fixing
Friday, 4 Mar 2016 11:12:41
The logo of the Australia and New Zealand Banking Group Ltd. (ANZ) is displayed outside a bank branch in Sydney on Friday, April 8, 2011. (AAP Image: Sergio Dionisio)
The Australian Securities and Investments Commission (ASIC) says it has started action in the Federal Court against ANZ for allegedly rigging interest rates.
ASIC alleges there has been market manipulation over setting the bank bill swap reference rate, which affects commercial and personal loan rates.
ASIC has been investigating the potential rigging of the rate since 2012.
In a statement, ANZ said it rejected all of the allegations and would "vigorously defend legal action".
More to come.
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