Australia's Westpac fined A$3.3m over BBSW complaint

[SYDNEY] An Australian court fined No. 2 lender Westpac Banking Corp A$3.3 million (S$3.3 million) for unconscionable conduct in the way its traders handled a key rate for several years.

Corporate regulator the Australian Securities and Investments Commission (ASIC) had sought a penalty of A$58 million in a civil lawsuit but the Federal Court ruled on Friday that the amount was too high.

Westpac was accused of rigging the bank bill swap rate from 2010 to 2012. The Federal court cleared the bank in May of most accusations but upheld a charge of unconscionable conduct.

REUTERS