More than 20 ANZ Banking Group employees are named in the corporate regulator's lawsuit, and several central figures in the alleged market manipulation reported at the time to the man who is now the bank's chief executive, Shayne Elliott.

At least three units of the bank worked in concert to accumulate enough bank bills to dump on the market and drive down the price, which pushed the swap rate up and made money for the bank, according to the Australian Securities and Investments Commission.