The judge overseeing a class action against Westpac over superannuation fees has criticised costly discovery processes that produce a “tsunami of material”, most of which is never used at trial.
A judge has scrapped a proposed video link sought by Slater and Gordon to be included in an opt out notice to group members in a class action over alleged junk insurance sold by Westpac, saying the video had the “flavour” of promoting the proceeding.
The Morrison Government will ease responsible lending laws requiring banks to verify information from credit-seeking consumers, after the corporate regulator’s failed “wagyu and shiraz” case attacking Westpac’s lending practices.
Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank’s 23 million breaches of money laundering and counter-terrorism laws.
A class action has been filed against the Commonwealth Bank of Australia over commissions grandfathered by the Future of Financial Advice reforms.
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.