Lowey Dannenberg filed a proposed class action in August 2016 alleging that global financial institutions responsible for setting the Bank Bill Swap Reference Rate (“BBSW”), the primary interest rate benchmark used to price and settle Australian dollar-denominated derivatives, colluded to manipulate the benchmark rate to profit in their related derivatives positions at the expense of investors. Australia and New Zealand Banking Group, Limited and National Australia Bank have settled with the Australian Securities and Investments Commission, agreeing to pay 100 million Australian dollars in fines and admitting to wrongdoing.

This case is currently pending before Judge Lewis A. Kaplan.

Dennis, et al. v. JPMorgan Chase & Co., et al., Case No. 16-cv-06496-LAK (S.D.N.Y.)