January 30, 2018 / 5:47 AM / in 6 months

Australian regulator starts legal action against CBA over rate-rigging allegations

SYDNEY, Jan 30 (Reuters) - Australia’s corporate regulator said on Tuesday it had started legal proceedings against Commonwealth Bank of Australia over rate-rigging allegations.

The Australian Securities and Investments Commission said the country’s biggest bank was involved in manipulating the bank bill swap reference rate (BBSW) in 2012.

The BBSW is the primary interest rate benchmark used in Australian financial markets to price home loans, credit cards and other financial products.

CBA did not immediately respond to a request seeking comment. (Reporting by Jonathan Barrett in SYDNEY; Editing by Neil Fullick)

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