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Westpac refuses to settle with Australian finance watchdog in ongoing rate-rigging case

( November 24, 2017, 05:48 GMT | Insight) -- Westpac Chairman Lindsay Maxsted says his bank has refused to settle with the Australian Securities & Investments Commission over allegations that the lender manipulated the bank bill swap rate, because it was not guilty of the charges laid against it, The Australian reports.Westpac Chairman Lindsay Maxsted says his bank has refused to settle with the Australian Securities & Investments Commission over allegations that the lender manipulated the bank bill swap rate, because it was not guilty of the charges laid against it, The Australian reports. In an ongoing Melbourne federal court case, Westpac has been defending itself against ASIC’s allegations that it rigged the swap rate 16 times between 2010 and 2012. Meanwhile, ANZ has agreed to a settlement, and National Australia Bank has admitted to 12 counts of attempted misconduct and breaches of the Corporations Act, agreeing to pay a A$10 million ($7.6 million) fine, as well as ASIC’s costs totaling A$20 million....

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