May 5 (Reuters) - Australian Securities and Investments Commission:
* COMMENCES CIVIL PROCEEDINGS AGAINST WESTPAC FOR INSIDER TRADING
* ALLEGATIONS RELATE TO WESTPAC'S ROLE IN EXECUTING A $12 BILLION INTEREST RATE SWAP WITH CONSORTIUM OF AUSTRALIANSUPER AND GROUP OF IFM ENTITIES
* SEEKING DECLARATIONS AND PECUNIARY PENALTIES FOR WESTPAC'S ALLEGED CONTRAVENTIONS
* ALLEGES THAT WESTPAC'S TRADING OCCURRED WHILE IT WAS IN POSSESSION OF INFORMATION THAT WAS NOT GENERALLY AVAILABLE TO OTHER MARKET PARTICIPANTS