Westpac Banking Corp generated millions in profits manipulating a key market interest rate over two years, according to legal proceedings filed by the corporate regulator.
The Australian Securities and Investments Commission launched legal proceedings against Westpac in the Federal Court in Melbourne on Tuesday for unconscionable conduct and market manipulation for Westpac's part in setting the bank bill swap reference rate (BBSW) between April, 2010 and June, 2012.
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Patrick Durkin is Melbourne bureau chief and BOSS deputy editor. He writes on news, business and leadership. Connect with Patrick on Twitter. Email Patrick at pdurkin@afr.com
