Westpac-backed venture capital firm Reinventure Group has settled a lawsuit brought by a former partner claiming she was entitled to a cut of a $100 million valuation increase in 11 startups the firm invested in.
Westpac has hit back at a class action accusing it of colluding with car dealers on a “shonky” car loan scheme that allowed them to hike up interest rates to earn higher commissions, saying consumers could have shopped around for a better deal.
The High Court has dismissed an appeal by Westpac challenging a ruling that found the bank breached its duties to customers by providing personal financial advice as part of a telephone campaign encouraging customers to roll over external superannuation accounts.
The High Court will hand down its ruling Wednesday in a high-stakes case between ASIC and Westpac that is expected to clarify the line between personal and general financial advice.
A judge has given the greenlight to AUSTRAC’s $1.3 billion penalty against Westpac over the bank’s 23 million breaches of money laundering and counter-terrorism laws, the biggest regulatory fine ever paid by an Australian company.
The judge overseeing a class action against Westpac over superannuation fees has criticised costly discovery processes that produce a “tsunami of material”, most of which is never used at trial.
A judge has scrapped a proposed video link sought by Slater and Gordon to be included in an opt out notice to group members in a class action over alleged junk insurance sold by Westpac, saying the video had the “flavour” of promoting the proceeding.
The Morrison Government will ease responsible lending laws requiring banks to verify information from credit-seeking consumers, after the corporate regulator’s failed “wagyu and shiraz” case attacking Westpac’s lending practices.
Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank’s 23 million breaches of money laundering and counter-terrorism laws.
A class action has been filed against the Commonwealth Bank of Australia over commissions grandfathered by the Future of Financial Advice reforms.