Westpac to defend US class action in respect of the Australian BBSW market
18 August 2016
Westpac Banking Corporation is aware that a class action has been filed in New York against it and a large number of the Australian and international banks in respect of the Australian BBSW interest rate benchmark. Westpac has not been formally served with any proceedings.
Westpac denies the allegations in this claim and, if served with the claim, will defend those allegations vigorously.
As the matter is now before the courts it would not be appropriate to comment further at this time.