SYDNEY — Australia’s Westpac Banking Corp was cleared by a court of accusations it rigged a key rate to boost profit, but the win on Thursday, May 24, against a regulator was dampened by an additional finding of unconscionable conduct by the bank.
The mostly favourable ruling for the No. 2 Australian lender was a rare bright spot for an industry facing daily allegations of malfeasance and fraud in a year-long public inquiry that has wiped billions of dollars from companies’ market values.
