Commonwealth Bank has had its $25 million settlement with the corporate regulator over claims of bank bill swap rate (BBSW) manipulation approved by the Federal Court.
CBA in May agreed to settle with ASIC, acknowledging attempts "to engage in unconscionable conduct" and that it had been unable to adequately monitor staff trading and communications.
The settlement comprises a $5 million penalty, $15 million to a financial consumer protection fund, and $5 million of ASIC's costs.
"That sum, together with the other payments all totalling $25 million should be an adequate denouncement of, and deterrence against, the unacceptable trading behaviour of individuals within CBA that ought to have known better and a bank that ought to have better supervised its personnel," Justice Jonathan Beach said in his ruling.
The amount is half that paid by rivals National Australia Bank and ANZ in similar settlements relating to alleged manipulation of the key rate.
Those settlements covered more breaches than those acknowledged by CBA.
ASIC had alleged that CBA, on five occasions in 2012, attempted to trade in prime bank bills to manipulate the rate.
CBA has entered into an enforceable undertaking with ASIC under which an independent expert will review its BBSW business.
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