Aussie Banks Say They Should Exit Rate-Rigging Suit Too

By Dean Seal (February 28, 2020, 5:37 PM EST) -- Two Australian banks claim they should've been among the seven banks dismissed in mid-February from a proposed class action alleging manipulation of Australia's benchmark interest rate.

Australia and New Zealand Banking Group and the Commonwealth Bank of Australia on Thursday asked a New York federal judge to reconsider critical factors he overlooked on Feb. 13, when he trimmed the rate-rigging suit down to a single plaintiff and only nine defendant banks but kept the Aussie banks on the line.

Their inclusion among the other banks still accused of manipulating the Bank Bill Swap Reference Rate was based on the theory that...

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