Arab Today, arab today australia\s nab settles toxic loan class action
Last Updated : GMT 21:10:43
Arab Today, arab today
Arab Today, arab today

Australia\'s NAB settles toxic loan class action

Arab Today, arab today

Arab Today, arab today Australia\'s NAB settles toxic loan class action

Sydney - AFP

National Australia Bank has agreed to pay Aus$115 million (US$119 million) to settle a class action brought by shareholders over the lender's exposure to toxic US mortgage assets. The proceedings commenced in November 2010 over losses suffered as a result of the bank's exposure to collateralised debt obligations (CDOs) heavily exposed to the US subprime residential mortgage market. The US mortgage market became toxic in 2007 and early 2008, sparking the global financial crisis. According to law firm Maurice Blackburn, which is leading the class action, it led to a plunge in the bank's share price when it was revealed that NAB had lost up to Aus$1.0 billion in the American mortgage crisis. "This settlement provides redress for thousands of shareholders who, the plaintiffs alleged, suffered losses as a result of NAB's conduct," said Jacob Varghese, principal lawyer on the class action. "It once again reminds public companies of their duty to keep shareholders informed." One of the lead plaintiffs was George Vlachos, who invested in NAB shares between January and May 2008 and lost more than Aus$3,000 when the stock price plunged on July 25, 2008. "It was important to me that shareholders take a stand for the principle of continuous disclosure," he said. "Class actions like this send a powerful message that companies have to keep us informed of what is going on in their business." NAB, Australia's fourth biggest lender, had previously vowed to vigorously defend the action, which was brought by more than 15,000 investors, but decided to settle. "The settlement of the class action is a purely commercial decision made in the interests of our shareholders," said NAB company secretary Michaela Healey. "We are pleased to put this matter behind us so that we can continue to focus on improving returns for our shareholders without the distraction and significant expense of a lengthy trial." The bank agreed to pay Aus$85 million in the settlement, plus an allowance for interest and costs, which took the total to Aus$115 million. Those costs will be covered by insurance and existing provisions, and therefore would have an immaterial impact on NAB's earnings in the current fiscal year, the bank added.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia\s nab settles toxic loan class action Arab Today, arab today australia\s nab settles toxic loan class action

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia\s nab settles toxic loan class action Arab Today, arab today australia\s nab settles toxic loan class action

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday