The ultimate assessment of who was damaged, and by how much, from the banks' alleged misconduct will be a highly complex task, lawyers say. Quantifying damages typically takes place only after the liability has been established, and may also be the subject of separate proceedings that may be brought by plaintiff law firms on behalf of victims, meaning their determination could be years away. The amendments by ASIC delayed the filing of defences by ANZ and Westpac. They will now be filed in early August. The next case management hearing will be held before Federal Court judge Jonathan Beach on August 22 in Melbourne.
ASIC has expanded its lawsuit against ANZ , Westpac , and National Australia Bank to include losses sustained for a longer period of time than previously asserted . The regulator has included various at - risk counterparties in its report , stating that the bank bill swap rate ( BBSW ) , which was allegedly manipulated by the three banks , caused the counterparties to suffer continued losses . Separate proceedings against the banks could be sought as firms attempt to determine the extent to which they were affected if it is ruled that the BBSW was manipulated .