You might assume where $50m has been turned down as settlement, there are serious matters at play
There is some form here, like Opes Prime, the exposure of the bank's trading room culture, the rate rigging allegations and now breaches at its insurance and superannuation arm.
http://www.austlii.edu.au/au/journals/MelbULawRw/2008/35.html
... Somewhere deep in legal bills and reputational damage, a year or two down the track, whoever will be running Australian Securities and Investments Commission and the Australia New Zealand bank might both wonder at the mistake of not settling their case over attempted rigging of the Australian interest rate benchmark.
And, not for the first time, shareholders might wonder whether a big bank's board was awake to the culture and nature of their institution, whether the directors deserved to be paid.
There's a big difference between proving ANZ traders attempted to rig the BBSW market and proving that they succeeded, or succeeded in a way that disadvantaged specific clients.
Of course the ANZ is not alone, with an astonishing wash of fines and penalties being awarded against large banks globally, tallying by some accounts between $400-450b
The social license provided to Banks, appear to be well and truly destroyed as far as I am concerned, and if the regulators and legal do not take appropriate action all I can say is bring in the market disruptors
Read more: http://www.theage.com.au/business/banking-and-finance/asic-anz-and-hairychested-brinkmanship-20160316-gnl1hk.html#ixzz43I1SMKGy
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