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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 has filed court proceedings in a dispute against its online broker, Australian Investment Exchange, over whether the bank validly terminated their services agreement, which is set to expire at the end of the month.
Defunct Westpac subsidiary RAMS Financial Group has agreed to settle a class action over the termination of franchise agreements.
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.