Australian regulator files insider trading lawsuit against Westpac

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Australia’s corporate watchdog launched an insider trading lawsuit on Wednesday against Westpac Banking Corp, alleging that the bank’s traders bought and sold derivative products ahead of a $12 billion interest rate swap deal in 2016.

The Australian Securities and Investments Commission said on Oct. 20, 2016, Westpac, the country’s second largest lender, “knew” or “believed” it would be selected by a consortium of AustralianSuper and a group of IFM entities to execute the interest rate swap transaction that morning.

Westpac, in a statement, said it was considering its position and takes “these allegations very seriously.” (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Rashmi Aich)