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A class action has told the Federal Court that franchisees of defunct Westpac subsidiary RAMS felt targeted and discriminated against after being flagged for "suspected anomalies" during an investigation.
The former chair of Westpac’s board audit committee did not disclose allegations made by a whistleblower that KPMG breached its confidentiality obligations, having resigned due to his “social engagements” with senior members of the accounting firm during a tender, an inquiry has heard.
Macquarie Group chairman Glenn Stevens will face the latest parliamentary joint committee hearing Friday into KPMG ethic's scandal, joining executives from Westpac, Optus and Dexus.
One of the KPMG partners who shared confidential client information has stepped away from the firm’s audit with Westpac and will leave the firm.
ASIC’s chair says the corporate cop is investigating individuals at KPMG for alleged misuse of confidential information belonging to Lendlease and Optus to win new work, but says it is hamstrung by current law from undertaking a broader probe.
Westpac has been hit with a $26 million penalty -- just shy of the $30 million sought by ASIC -- for failing to respond to online hardship applications on time on 277 occasions, in conduct described as “grossly negligent”.
The Victorian Supreme Court has rejected a bid by gold sellers Sun Capital Investments and Australian Gold Capital to stop Westpac from closing its bank accounts, finding there was no serious question to be tried.
A former RAMS franchisee has raised concerns about a joint trial of its case with a related class action against the defunct Westpac home loan subsidiary, saying the overlap between the cases may be “much less than advertised”.
A judge ordered Westpac's CEO to front court over the "unconscionable" actions of mortgage subsidiary St George Bank in refusing to reverse an adverse credit record from a customer short $44.11 on her mortgage payments.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.