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A judge has approved a $29.6 million settlement in a class action against Westpac’s former home lending business RAMS, including $4 million in legal costs and a $12 million funding commission.
A judge has found that RAMS breached its duty of good faith by terminating a franchise agreement on Westpac’s recommendation without resolving concerns about the evidence backing its decision, but tossed unconscionable conduct claims against the home loans business.
Westpac's former home lending business RAMS will pay $29.6 million to resolve a class action over the termination of agreements with franchisees.
Defunct Westpac subsidiary RAMS Financial Group has agreed to settle a class action over the termination of franchise agreements.