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National Australia Bank next in line for ASIC legal action on rate-rigging

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National Australia Bank is the latest bank set to be dragged into rate-rigging claims, with the Australian Securities & Investments Commission preparing to take legal action against the $70 billion company.

The Australian Financial Review's Street Talk column revealed on Thursday that ASIC is investigating a specific issue around manipulating the bank bill swap rate (BBSW) from June 6, 2010, which means the regulator must file action by Monday, otherwise it would breach the six-year statute of limitations period.

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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

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    Original URL: https://www.afr.com/business/banking-and-finance/nab-next-in-line-for-asic-legal-action-on-raterigging-20160602-gp9ohr