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Maurice Blackburn is abandoning its class action against Westpac over the bank's alleged responsible lending law breaches, weeks after ASIC lost its appeal in the so-called wagyu and shiraz case and conceded defeat.
Insurer QBE wants to downsize a massive class action brought against it and banking giant ANZ over the sale of allegedly worthless add on insurance.
Australia's largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.
The Commonwealth Bank of Australia has been hit with another class action for allegedly pushing insurance policies with excessive premiums onto customers.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.
The Australian Securities and Investments Commission spent over $1.8 million in taxpayer funds investigating and prosecuting its now failed responsible lending case against Westpac.
Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks' arguments unpersuasive.
Shine Lawyers is investigating two new class actions against Commonwealth Bank of Australia and Westpac's BT Funds Management over allegedly excessive insurance premiums, a week after filing a similar case against AMP's life insurance arm.
Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
ASIC has dropped its fight with Westpac over the bank's financial assessment of home loan borrowers following political pressure, citing the "challenging economic circumstances".