Westpac Fined A$3.3 Million Over Australia Rate Rigging Case
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Westpac Banking Corp. has been fined A$3.3 million ($2.4 million) for engaging in “unconscionable conduct” in attempting to manipulate a key Australian money market rate.
The Sydney-based lender was cleared in May of allegations its traders manipulated the bank bill swap rate, which is used to price more than A$10 trillion in derivatives. However, the Federal Court found that staff had attempted to manipulate the rate and that Westpac had breached its corporate responsibilities by failing to ensure financial services were provided fairly.