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 ultimate assessment of who was damaged, and by how much, from the banks' alleged misconduct will be a highly complex task, lawyers say. The company is seeking damages in excess of $US1 billion ($A1.06 billion) from the banks over alleged breaches of their contracts with ASIC. Separate proceedings against the banks could be sought as firms attempt to quantify the extent to which they were affected if it is ruled that the BBSW was manipulated.
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 company is seeking damages in excess of $US1 billion ($A1.06 billion) from the banks over alleged breaches of their contracts with ASIC. Separate proceedings against the banks could be sought as firms attempt to quantify the extent to which they were affected if it is ruled that the BBSW was manipulated.