Westpac has admitted to millions of breaches of anti-money laundering and counter terrorism financing laws, and has told a court it did not adequately monitor transactions of customers linked to child exploitation.
A contest of two competing shareholder class actions against Westpac over millions of alleged anti-money laundering breaches has ended with one law firm and its funder bowing out.
The Big Four banks were trying to shore up their profits when they refused to pass on home loan interest rate cuts to consumers in full last year, an interim report of an Australian Competition and Consumer Commission inquiry has found.
The High Court has agreed to hear a challenge by Westpac to a ruling in favour of ASIC that found the bank violated its duty to act in customers’ best interests during a superannuation rollover campaign, a case that could clarify the line between personal and general financial advice.
The second of two class actions brought against Westpac over alleged anti-money laundering breaches has been denied discovery of what the bank claims are commercially sensitive documents until the law firms behind the class actions work out how their competing cases will proceed.
A Federal Court judge has praised an attempt by Shine Lawyer’s head of litigation to create an audio-visual opt out notice for its insurance class action against Westpac, but jokingly remarked that her performance would not win her any acting plaudits.
Noting the challenge of searching for documentary evidence while employees are working from home, a judge overseeing two consumer class actions against ANZ and Westpac has directed the banks to hand over only a limited number of documents to the applicants, and given them extra time to do it.
A judge has approved a notice in a class action against Westpac alerting group members that an “expense sharing order” will be sought by the applicants if or when the case settles, the first ruling of its kind since the High Court struck down common fund orders.
Westpac is still locked in mediation with AUSTRAC over allegations that it committed over 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank’s hopes of moving to a penalty hearing in the early part of the year fading.
Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.