ANZ Bank has agreed to pay a $240 million penalty to settle a string of legal cases from the corporate watchdog, admitting to unconscionable conduct relating to a bond trading scandal, incorrect reporting of trading data and failures in how it dealt with borrowers in hardship.

The Australian Securities and Investments Commission on Monday said it and the bank would ask the Federal Court to impose the $240 million fine over cases alleging “many years” of misconduct in ANZ’s institutional bank and its retail division.

A combined $125 million in penalties relates to ANZ’s its role as manager in the issuance of a 10-year government bond - where ASIC accused the lender of acting “unconscionably” because it incorrectly reported its bond trading data to the federal government.

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