ASIC v Westpac [2018] FCA 571 - the quick version

The Federal Court handed down its decision in the Westpac BBSW rate rigging case today.  Given the judgment is 667 pages long I thought a summary of what the court decided would be helpful. ASIC failed to make out its allegations against Westpac:  * under ss1041A and 1041B of the Corporations Act concerning market manipulation and market rigging or * under s 1041H of the Corporations Act or ss 12DA, 12DB and 12DF of the ASIC Act, for misleading or deceptive conduct and misrepresentation ASIC was successful in proving that Westpac: * engaged in unconscionable conduct under s 12CC of the ASIC Act on four occasions by trading Prime Bank Bills in the Bank Bill Market with the dominant purpose of influencing yields and where BBSW set; and * contravened ss 912A(1)(a), (c), (ca) and (f) of the Corporations Act by breaching its financial services licensee obligations. I suspect that ASIC will be very disappointed losing on the big ticket items namely the market market manipulation and market rigging claims.

http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA//2018/751.html