ASIC to take major bank to task over rate rigging

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ASIC is said to be on the verge of launching legal action against a major bank over alleged rate rigging.

The regulator is believed to be preparing to file a civil action against ANZ in relation to the manipulation of the bank bill swap rate (BBSW), The Australian Financial Review has reported.

According to the AFR, 10 invidicuals are also expected to be named in the suit, which is anticipated to be announced in the next few weeks.

The other major banks are also being investigated for BBSW rigging and collusion, The AFR said. The investigation is being conducted sequentially, and is expected to be completed within the next six to 12 months.