January 31, 2024 BY Simon Mugo

Westpac Bank Fined $1.8M for Unconscionable $12Bn Swap Deal

The Court identified Westpac's approach in the pre-hedging phase of the interest rate swap as unconscionable. The verdict underscores the importance of maintaining ethical standards in financial dealings, particularly high-value transactions. Sarah Court, the Deputy Chairwoman of the Australian Securities and Investments Commission (ASIC), stressed the global necessity of proper conduct in pre-hedging activities. She…

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