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The Australian Securities & Investments Commission has largely prevailed on appeal to the High Court in its case against former directors of collapsed retirement village owner Prime Trust, including former federal health minister Michael Wooldridge.
The Federal Court has thrown out a proposed $35 million settlement between ASIC and Westpac over responsible lending breaches, saying the agreement was "unworkable" and left the court in an "information vacuum".
Former Solicitor-General Justin Gleeson, SC, told a Federal Court judge Wednesday to reject a proposed $35 million deal between ASIC and Westpac, saying the bank should pay at least $100 million if it committed the responsible lending breaches alleged by the regulator.