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AAP
AAP
Maeve Bannister

Westpac to pay millions after 'unconscionable conduct'

Westpac Sarah Court ASIC the Federal Court
The Federal Court ordered Westpac to pay almost $10m for actions relating to an interest rate swap. (Joel Carrett/AAP PHOTOS)

Westpac will pay nearly $10 million after being found to have engaged in unconscionable conduct during a multi-billion dollar interest rate swap.

The bank was taken to the Federal Court by the corporate regulator Australian Securities and Investments Commission (ASIC) in 2021 and reached a settlement agreement on Wednesday.

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