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The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court's rejection of what would have been a record $35 million penalty for breaching the country's lending laws.
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".
A four-day trial against online ticket reseller Viagogo kicked off Monday, with the ACCC describing how the site misled consumers by falsely claiming it was an official ticket vendor, hitting them with a booking fee of around 28 per cent along the way.
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.
A Federal Court judge on Monday held off on approving Westpac's $35 million settlement with the corporate watchdog over responsible lending law breaches, saying the amount seemed too high.