Westpac subsidiary RAMS has flagged a cross-claim against disgruntled franchisees who say their agreements were terminated without proper cause, citing possible breaches of the National Credit Act.
Westpac subsidiary RAMs has been hit with a class action by former franchisees who say their agreements with the home loan provider were terminated without proper cause.
Westpac subsidiary BT Funds Management and Tal Life Insurance have foreshadowed applications to strike out the pleadings of a class action alleging superannuation customers were overcharged for insurance coverage.
A judge has reluctantly hit Westpac with a $1.8 million penalty after the bank admitted to unconscionable conduct when trading on the morning of a $16 billion deal to privatise electricity provider Ausgrid, saying it was the maximum fine allowed under the relevant law.
A judge’s decision to chop $810,000 from the funder’s cut of a settled class action against Westpac sounds a warning to class action litigators that when it comes to determining the size of a commission, case budgets matter.
A $29.95 million settlement resolving a superannuation class action against two Westpac units has won court approval. The judge overseeing the case has also indicated he will OK the litigation funder’s commission but only some of its after-the-event insurance premium.
Westpac has been hit with a class action for allegedly overcharging superannuation customers for insurance coverage, months after paying $30 million to settle a separate superannuation class action.
ASIC has brought court action against Westpac for allegedly dropping the ball on financial hardship claims by customers, some of whom had property seized or declared bankruptcy while waiting for a response from the Big Four bank.
Westpac has settled its claims against the father of Forum Finance director Vince Tesoriero, who along with fellow director Bill Papas is accused of perpetrating a $400 million fraud against the bank to fund their lavish lifestyles.
A $47 million settlement in a class action against ANZ — one of three settlements in a series of class actions against the big banks over ‘junk’ consumer credit insurance — was fair and reasonable, a judge has said.