NAB drags brokers into forex options scandal

Saima Farooqi and Rahul Jhaveri
01 Dec 2005

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National Australia Bank (NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.

So far, NAB has issued a letter demanding compensation, but said last week it intends to seek exemplary damages against Icap in any proceedings brought against that firm.

The bank is alleging that a broker at one of Icap's Singapore subsidiaries – a member of the TFS

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