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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.
Westpac has paid back $50 million plus interest and super to 47,000 current and former staff who were underpaid over an 11-year period.
Defunct Westpac home loan unit RAMS has been hit with a $20 million penalty after admitting to widespread misconduct at its franchises over a four-year period.
A judge has raised concerns about whether an agreed-to $20 million penalty against Westpac's defunct home loan subsidiary RAMS is enough to deter other lenders from breaking credit rules.