Westpac Reaches $81 Million Settlement in Auto Finance Class Action
March 14, 2025 - 18:09
In a significant legal development, Westpac has agreed to a settlement of $81 million regarding a class action lawsuit related to its auto finance practices. The lawsuit, initiated by law firm Maurice Blackburn in 2020, accused Westpac and its subsidiary, St George Finance, of allowing car dealerships to inflate interest rates on car loans. This practice reportedly enabled dealers to earn excessive commissions from March 1, 2013, to October 31, 2018.
The allegations raised serious concerns about the transparency and fairness of the auto financing process, impacting numerous consumers who secured loans through these dealerships. The settlement aims to address the grievances of affected customers, providing them with compensation for the financial burdens they faced due to inflated interest rates.
While Maurice Blackburn has not provided immediate comments regarding the settlement, the outcome highlights the increasing scrutiny of financial institutions and their lending practices in Australia. This case serves as a reminder of the importance of consumer rights and accountability within the finance sector.
MORE NEWS
September 13, 2026 - 04:25
Why Cathie Wood Might Be Warming Back Up to RobinhoodThe well-known growth investor spent much of the summer trimming her position. Now the brokerage`s latest monthly numbers hint at what she may be seeing. Cathie Wood, whose funds are closely...
September 12, 2026 - 22:42
U.S. watches as Russia, China, Iran, Saudi Arabia and Africa’s BRICS powers rally in India to bypass sanctions and break the US dollar’s hold over global financeLeaders from the expanded BRICS bloc have assembled in New Delhi for a summit that signals a growing push to reshape global finance. The 18th BRICS Summit, held at Bharat Mandapam on September 12...
September 12, 2026 - 01:30
Butler National Q1 Earnings Call HighlightsButler National reported higher first-quarter fiscal 2027 revenue, operating income and net income, driven primarily by sharp growth in its aerospace products segment, according to management`s...
September 11, 2026 - 12:56
Ørsted Wins Tax Ruling for Two UK Offshore Wind ProjectsAn arbitration commission has ruled in favor of Ørsted regarding the tax treatment of two of its offshore wind farms in the United Kingdom. The decision covers Walney Extension and Hornsea 1, two...