NAB denies legal action against brokers
National Australia Bank (NAB) has denied reports that its is planning to take legal action against interdealer broker BCG International and Icap for their roles in a foreign exchange trading scandal uncovered in January 2004. An NAB spokesman told Asia Risk there is no such plan for legal action.
However, he said the bank will continue to press for compensation exceeding A$539 million ($402 million) from Icap and another broker, as stated in letters of demand NAB sent in September. Recent media
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