May 24, 2018 / 12:56 AM / a month ago

Australian court rejects regulator's rate-rigging case against Westpac

May 24 (Reuters) - Australia’s Westpac Banking Corp did not manipulate a key exchange rate in order to increase profits, a court said on Thursday, rejecting charges levelled by regulator Australian Securities and Investments Commission (ASIC).

“In summary, I have rejected ASIC’s case,” Justice David Beach said in delivering the judgment in Melbourne. However, the judge also said Australia’s second-largest bank had engaged in unconscionable conduct.

Reporting by Paulina Duran; Editing by Muralikumar Anantharaman

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