Westpac has received a class action against two of its subsidiary companies in the latest legal action against the big bank.
The latest class action, filed by Slater & Gordon, is against Westpac’s subsidiary companies BT Funds Management and Westpac Life Insurance Services.
The action relates to aspects of BTFM’s BT Super for Life cash investment option with the damages sought by the claim unspecified at the time.
Both BT Funds Management and Westpac Life Insurance Services said they would be defending the claims in an ASX release.
The legal action is the latest against the bank who is also fighting off a Maurice Blackburn class action in relation to alleged breaches of responsible lending obligations under the Consumer Credit Protection Act.
Westpac recently did have a win as ASIC’s case against the bank over lending laws was dismissed by the Federal Court in August.
More to come.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
A major wealth management institution has defended its decision to place client money refunded as part of its “fee-for-no-service” remed...
A local division of a French banking giant has pleaded guilty to client money offences, as the second company this year to face criminal pro...
An account manager for the embattled financial services company has been banned from providing financial services for three years after enga...