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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.
Westpac has agreed to fork over $130 million to settle a class action over payment of flexible commissions to car dealers, a practice that was banned by the corporate regulator seven years ago.
Defunct Westpac mortgage broker RAMS has reached a settlement in a trade mark stoush with fund manager Real Asset Management.
RAMS franchisees have called out the Westpac unit for “old school litigation,” as they seek information about alleged anomalies in home loan applications that led to the nixing of their franchise agreements.
A judge has approved the discontinuance of a class action against a Westpac subsidiary after the funder bowed out.
A class action targeting Westpac subsidiary BT Funds and Tal Life Insurance was discontinued after documents discovered by the companies caused funder Woodsford to bow out.
Expert evidence is not meant to “provide a judge with comfort”, a judge has found in rejecting evidence from two experts in flex commissions class actions against Westpac and Macquarie.