Westpac ordered to pay $1.2M in insider trading case
By 
Jeff Dale2024-02-05T22:15:00
Westpac Banking Corp. was assessed a maximum fine of 1.8 million Australian dollars (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission (ASIC) of insider trading related to an interest rate swap transaction.
Westpac must also pay AUS$8 million (U.S. $5.2 million) to cover litigation and investigation costs, ASIC announced in a press release Jan. 31. Australia’s Federal Court sided with the regulator in the case.
ASIC noted because of the alleged misconduct occurring in October 2016, the maximum penalty was significantly lower. The current penalty for similar misconduct is about AUS$15.7 million (U.S. $10.2 million) minimum for corporations and AUS$782.5 million (U.S. $507.3 million) maximum for large entities.
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