A judge has signed off on Westpac’s $130 million settlement in a class action over flexible commissions paid to car dealers, bringing to an end three cases brought by Maurice Blackburn against lenders.
Westpac’s defunct mortgage unit RAMS has accused a class action by former franchisees of attempting to “hijack” civil penalty proceedings by the corporate regulator by seeking to intervene in the case.
Westpac can shield reports prepared by Allens from a class action over money laundering compliance, with a judge finding they were produced predominantly in defence of AUSTRAC action that preceded the case.
Former franchisees involved in a class action against RAMS are seeking to intervene in ASIC civil penalty proceedings against the defunct Westpac subsidiary.
Clayton Utz has boosted the expertise in its risk advisory practice, hiring a trio of lawyers from CBA and A&O Shearman.
Danish renewables company European Energy has closed a $130 million financing package for two solar projects in Victoria and NSW.
NAB has agreed to pay a $15.5 million penalty for failing to respond to customer hardship notices, around half the size of the penalty ASIC is seeking against Westpac for similar breaches of the Credit Code.
Westpac’s mortgage subsidiary RAMS Financial Group faces penalty proceedings by the corporate regulator after admitting to “widespread” misconduct.
ASIC has asked a court to hit Westpac with a $30 million penalty for IT failures which caused financial hardship applications to be ignored, conduct a judge has described as “shocking” and “truly scandalous”.
Westpac is arguing timelines prepared by law firm Allens are privileged and should not be handed over in a shareholder class action over its alleged lax compliance with anti-money laundering laws.