Three of Australia’s “big four” banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon, who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. …
An Australian court ordered Westpac Banking Corp. to pay A$113 million ($82.92 million) in penalties for multiple compliance failures across its businesses, after hearing the last of the six cases filed against it by the country’s corporate watchdog. The Federal …
Westpac Banking Corp. agreed to pay A$113 million ($80.6 million) in penalties after the Australian regulator alleged the lender had widespread compliance failures that included charging dead people. The case includes a claim that Westpac charged more than A$10 million …
Allianz announced it has agreed to purchase the general insurance business of Westpac Banking Corp., the Australian banking group for a deal worth A$725 million (US$534 million). It will also enter into a new 20-year exclusive agreement for the distribution …
Westpac Banking Corp. has taken a A$1.2 billion ($871 million) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct. The charge is the latest blow to Australia’s oldest …
Australia’s Westpac Banking Corp said it expects a A$900 million ($578 million) fine over accusations it enabled millions of illegal payments including between known child sex offenders, the first time it has put a price on the scandal. The country’s …
Australian Home Affairs Minister Peter Dutton said Westpac Banking Corp. must pay the price for giving “a free pass to pedophiles” as the corporate watchdog began investigating the lender over millions of breaches of money laundering laws. Dutton is the …
Westpac Banking Corp.’s board stood behind its management team on Friday, offering embattled chief executive Brian Hartzer some respite from mounting criticism over allegations of a breach of money-laundering laws, including failing to detect payments linked to child abuse. Chairman …
