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NAB settles US bank bill swap rate class action complaint

The National Australia Bank has agreed to settle a class action complaint related to bank bill swap rates in the US.

The class action – launched in 2016 and naming NAB and multiple other financial institutions as defendants – was dismissed on jurisdictional grounds, but there remained a possibility that the dismissal could be reversed and the claims against NAB reinstated.

NAB said today’s settlement was 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.