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Law
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Westpac hit with maximum penalty for unconscionable conduct

The ASX-listed banking corporation fined A$1.8m in Australia for interest rate swaps that generated A$20.7m trading profit.

A consortium entered into a A$12 billion interest rate swap with Westpac.

Dan Purves Thu, 01 Feb 2024

The Australian Federal Court has found Westpac Banking Corporation guilty of acting in an unconscionable manner against a consortium of investors comprising of AustralianSuper and IFM entities in October 20126 in the largest interest rate swap in Australia’s history.

The consortium sought to

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Dan Purves Thu, 01 Feb 2024
Contact the Writer: dpurves@nbr.co.nz
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Westpac hit with maximum penalty for unconscionable conduct
Law,
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