Westpac has agreed to fork over $130 million to settle a class action over payment of flexible commissions to car dealers, a practice that was banned by the corporate regulator seven years ago.
Defunct Westpac mortgage broker RAMS has reached a settlement in a trade mark stoush with fund manager Real Asset Management.
RAMS franchisees have called out the Westpac unit for “old school litigation,” as they seek information about alleged anomalies in home loan applications that led to the nixing of their franchise agreements.
A judge has approved the discontinuance of a class action against a Westpac subsidiary after the funder bowed out.
A class action targeting Westpac subsidiary BT Funds and Tal Life Insurance was discontinued after documents discovered by the companies caused funder Woodsford to bow out.
Expert evidence is not meant to “provide a judge with comfort”, a judge has found in rejecting evidence from two experts in flex commissions class actions against Westpac and Macquarie.
Westpac and two other lenders have won their cases alleging they were scammed out of $500 million in loans to the Forum group of companies.
A class action against ANZ over alleged predatory lending practices has settled for $85 million, while two related cases against Westpac and Macquarie are set to go to trial this month.
Westpac’s shuttered home loan unit RAMS may hit back at franchisees’ class action claims by alleging they made misrepresentations and provided fraudulent documents.
A class action targeting Westpac subsidiary BT Funds Management and Tal Life Insurance is set to be discontinued less than a year after it was filed.