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.
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