Australian banks sued by funds in US

Sydney: Australia’s largest lenders and 11 international banking peers are being sued by funds in a US lawsuit over alleged manipulation of the South Pacific nation’s benchmark swap rate.
Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd., Westpac Banking Corp. and Macquarie Group Ltd. are among those being sued, according to a filing seen by Bloomberg News. Two brokers have also been named in the suit.
ANZ, NAB and Westpac are already being sued in Australia by the securities regulator for allegedly seeking to rig the so-called bank bill swap rate, the local equivalent of the London interbank offered rate.
ANZ said in a statement on Thursday it will “vigorously” defend itself against the US complaint, while NAB reiterated that it did not agree with claims by the Australian securities regulator.
Those suing include Sonterra Capital Master Fund Ltd., various Frontpoint Financial funds and individual derivatives trader Richard Dennis, according to the filing. The class action has been filed in the US District Court for the Southern District of New York.