Much has been written about the events leading up to the currency options debacle that cost National Australia Bank A$360 million ($263 million) in January 2004. It might have been expected that, after the widespread condemnation of NAB following the scandal, the bank would have moved quietly away from the spotlight and got on with rebuilding its reputation and business.
The bank’s decision to seek “exemplary damages” in excess of A$539 million against Icap and another broker it has declined to name, but which is known to be Cantor Fitzgerald, might, in its own mind, be part of that strategy.
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