Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit
Caleb Drickey, 02 March 2021
Australian bank Westpac has agreed to a $25 million deal settling claims that it conspired with a cabal of banking institutions to rig the price of derivatives based on an Australian foreign exchange benchmark.
Tuesday’s proposed deal would also compel Westpac, which denied all illegal conduct or wrongdoing, to turn over information related to the alleged price-fixing conspiracy. This would, according to the investors, strengthen cases against Westpac’s co-defendants and lead to similarly-structured deals with the accused conspirators.
In a memorandum, representatives for the proposed class expressed confidence that the newly announced deal would lead to further victories against defendant banks. Continue reading “Article: Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit”
Joshua Rosenberg is a member of the executive committee at the Federal Reserve Bank of New York. He is executive vice president, chief risk officer and head of the Risk Group. Rosenberg joined the Bank in 2001 as a research economist. Prior to joining the Bank, Rosenberg was an assistant professor of finance at New York University’s Stern School of Business. He holds a bachelor’s degree in mathematics and religion from Oberlin College and a doctorate degree in economics from the University of California, San Diego.