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 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.