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Westpac sued by ASIC for ignoring financial hardship claims
Article 2023-09-05 6:38 am By Christine Caulfield

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.

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Westpac reaches $750,000 settlement with Forum Finance director’s father
Catherine Hamilton-Jewell 2023-09-01 10:32 pm By Cat Fredenburgh

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.

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$47M settlement in ANZ credit insurance class action reasonable, judge says
Allens 2023-06-16 4:37 pm By Christine Caulfield

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.

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Judge mulls contradictor over ATE costs in super class action against Westpac
ATO 2023-06-15 5:11 pm By Sam Matthews

A judge overseeing a superannuation class action against two Westpac units that settled for $30 million has flagged the possibility of appointing a contradictor to examine the litigation funder’s claimed cut of the settlement, which includes a deduction of over $1 million to cover the costs of after-the-event insurance.

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‘Completely at sea’: Banks push for class closure in flex commissions cases
ANZ 2023-06-02 10:33 pm By Sam Matthews

Westpac, Macquarie and ANZ are seeking class closure orders ahead of mediation in three class actions over flexible commissions schemes, telling a court hearing they will be “completely at sea” without a better idea of the class size.

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SMBC can add new claims in $34M case over Forum Finance receivables
Corporate 2023-06-02 4:00 pm By Gareth Baker

SMBC has been cleared to add more claims to its $34 million suit against Humm Group after the fintech’s subsidiary allegedly misled the Japanese bank about worthless receivables under contracts said to be forged by a Forum Group entity.

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Judge ‘horrified’ at ATO involvement in distributing superannuation class action settlements
ATO 2023-04-05 12:52 pm By Cindy Cameronne

A judge overseeing a superannuation class action against two Westpac units that settled for $30 million has expressed concerns about the ATO’s potential involvement in distributing settlement funds, saying the department was unlikely to efficiently reunite group members with their money. 

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Westpac, ASIC feud over scope of financial services in Ausgrid insider trading case
Allens 2023-03-30 10:30 pm By Cindy Cameronne

Westpac has hit back at a bid by ASIC to add an allegation to the regulator’s insider trading case that hinges on the bank providing financial services when it traded on the morning of a $16 billion deal to privatise electricity provider Ausgrid.

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Firm’s contingency fee re-do wins over judge in class actions against banks
ANZ 2023-03-03 5:50 pm By Cindy Cameronne

A law firm has won its second bid for a group costs order in three class actions against banks over flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.

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Law firm shaves 0.5% off payout in second go at class action contingency fee
ANZ 2023-02-23 5:11 pm By Cindy Cameronne

Maurice Blackburn has had a second crack at a group costs order in three class actions against banks over alleged flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.

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