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SYDNEY (Reuters) - Westpac Banking Corp (WBC.AX) won vindication of its decision to fight accusations its conduct in handling of a key rate was unconscionable as an Australian court fined it A$3.3 million ($2.4 million), far less than the sum sought by a regulator. A federal court judge largely cleared Westpac in May of accusations it interfered with negotiations for an important internal price-setting measure called the Bank Bill Swap Rate (BBSW), but said its actions still amounted to unconscionable conduct.

The bank and the Australian Securities and Investments Commission (ASIC) have since been haggling in court over Westpac’s fine, and on Friday the judge rejected the regulator’s argument that the bank be made to pay A$58 million, “I have to apply the law as it was at the time, not what it should have been,” the judge, Jonathan Beach, wrote in his judgment, The university of maryland cufflinks relatively small penalty for the A$95 billion market capitalization company brings a rare bright spot to an industry facing a daily drumbeat of negative publicity as a public inquiry into financial misconduct grinds on..

The inquiry has also drawn criticism about the effectiveness of Australia’s financial regulators, putting pressure on ASIC to show it can rein in the industry. For the BBSW case, ASIC brought lawsuits against all of the country’s Big Four lenders alleging they rigged the rate but Westpac was the only one of the four to defend the case. The other three, Commonwealth Bank of Australia (CBA.AX), Australia and New Zealand Banking Group Ltd (ANZ.AX) and National Australia Bank Ltd (NAB.AX), agreed to settle before the matter went to hearings, and pay fines totaling A$125 million.

Justice Beach said ASIC’s argument that Westpac should pay A$58 million for 58 instances of wrongdoing had “all the irreconcilable atonality of a Schoenberg composition”, an apparent university of maryland cufflinks reference to the 20th century expressionist composer Arnold Schoenberg, A Westpac spokesman declined to comment on Friday, An ASIC statement quoted Commissioner Cathie Armour welcoming the decision, and saying: “ASIC’s actions have led to these successful court outcomes, and also contributed to new benchmark manipulation offences being enacted by Parliament”..

NEW YORK (Reuters) - The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG (UBSG.S), Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.

The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them, While UBS was not a big originator of U.S, residential home loans, U.S, Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from university of maryland cufflinks the bank’s failure to fully disclose the risks of mortgage securities it helped sell, A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit..

“The DOJ’s claims are not supported by the facts or the law,” it said in a statement. “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”. U.S. officials are seeking unspecified fines against UBS under a federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct. The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.

Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N), HSBC Holdings Plc (HSBA.L), JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Royal Bank of Scotland Group Plc (RBS.L) previously settled, U.S, officials faulted UBS for having a business university of maryland cufflinks culture that placed a higher priority on profits than full disclosure to investors, who were deprived of crucial information about the quality of the loans underlying the securities they bought..

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