Jan 31 (Reuters) - Australian Securities & Investments Commission:
- COURT DECLARES WESTPAC ENGAGED IN UNCONSCIONABLE CONDUCT FOR INTEREST RATE SWAP, MAXIMUM PENALTY APPLIED
- FEDERAL COURT DECLARED WESTPAC ENGAGED IN UNCONSCIONABLE CONDUCT IN OCTOBER 2016 WHEN EXECUTING A A$12 BILLION INTEREST RATE SWAP TRANSACTION
- WESTPAC WILL PAY MAXIMUM PENALTY OF A$1.8 MILLION IN RELATION TO CONDUCT
- WESTPAC’S UNCONSCIONABLE CONDUCT AROSE WHEN IT ENGAGED IN PRE-HEDGING AHEAD OF AN INTEREST RATE SWAP TRANSACTION WITH A CONSORTIUM
- ALSO DECLARED WESTPAC FAILED TO HAVE ADEQUATE ARRANGEMENTS TO MANAGE CONFLICT OF INTERESTS BETWEEN IT & CONSORTIUM
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