ANZ settles mis-selling case.
Global Banking News-December 4, 2014--ANZ settles mis-selling case
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Global Banking News - 04 December 2014
ANZ New Zealand (NYSE: ANZ) has announced that it has settled a mis-selling case.
The bank said that it has settled an investigation into mis-selling of swaps agreements to farmers. It will pay NZD18.5m as compensation to a fund.
New Zealand's Commerce Commission and Financial Markets Authority (FMA) announced the settlement after it conducted more than two years of investigations into almost NZD5bn of swaps agreements issued between 2005 and 2009.
Farmers said that the bank marketed the swaps as similar to fixed rate agreements, but increased margins on top of underlying swap rates and charged break fees through 2008 and 2009.
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