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Westpac Cleared of Rate-Rigging, Though It Tried, Court Says

Westpac Cleared of Rate-Rigging, Though It Tried, Court Says

Westpac Banking Corp. has been cleared of manipulating a key Australian interest rate, even though it did engage in “unconscionable conduct” in attempting to influence the rate, a court ruled. The Australian Securities & Investments Commission had claimed Westpac sought to influence the bank bill swap rate -- which is used to price more than A$10 trillion ($7.6 trillion) in derivatives -- to benefit its trading positions.