Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Commonwealth Bank of Australia [2018] FCA 941 File number: VID 65 of 2018
Judge: BEACH J
Date of judgment: 21 June 2018
Catchwords: CORPORATIONS LAW – banking – financial services – failure to deal with financial products in an efficient and fair manner – attempts to manipulate the Bank Bill Swap Reference Rate by Prime Banks – unconscionable conduct – contravention of financial services laws – ss 12CB and 12CC of the Australian Securities and Investments Commission Act 2001 (Cth) BANKING AND FINANCIAL INSTITUTIONS –penalties – contravention of financial services laws –penalty imposed pursuant to s 12GBA of the Australian Securities and Investments Commission Act 2001 (Cth) – general and specific deterrence
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12CB, 12CC, 12GBA, 93AA Corporations Act 2001 (Cth) s 912A Crimes Act 1914 (Cth) s 4AA
Cases cited: Australian Competition and Consumer Commission v Hillside (Australia New Media) Pty Ltd trading as Bet365 (No 2) [2016] FCA 698 Australian Securities and Investments Commission v National Australia Bank Limited (2017) 123 ACSR 341; [2017] FCA 1338 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) [2018] FCA 751 Trade Practices Commission v Tubemakers of Australia Ltd (1983) 47 ALR 719; [1983] FCA 99
Date of hearing: 21 June 2018
Registry: Victoria
Division: General Division
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