NAB settles class action for $85m
Market watch top headlines
Australian reports
- Aust markets: Aust stocks close lower
- Aust dollar report: $A finishes the day higher
- Aust credit close: Aust bonds weaker
World reports
- World commodities: Commodities markets summary
- World markets: International markets roundup
AAP
2012-11-09
National Australia Bank (NAB) will pay $85 million in a settlement of a class action relating to its heavy losses over toxic subprime home loans in the United States.
The action, taken by shareholders, was settled on Friday, pending court approval.
NAB said it would pay $85 million, plus an allowance for interest and costs when the case is settled in full.
Those costs will be covered by insurance and existing provisions, and therefore will have an immaterial impact on NAB's earnings in the current fiscal year.
Copyright ©
Fairfax Digital
