Westpac and ASIC have likely reached an agreement over insider trading charges
The allegations date back to the October 2016 privatisation of Ausgrid
The actions of its traders may have cost super funds millions in interest costs
Westpac is on the cusp of settling a long-running insider trading claim brought by the corporate regulator, ending a long-running legal dispute relating to the bank’s role in the $16 billion privatisation of Ausgrid.
The Australian Securities and Investments Commission and Westpac are scheduled to appear in the Federal Court today after a six-week trial in April was called off last year.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
