Westpac (ASX:WBC) slapped with class action lawsuit

Company News

by Katrina Bullock

Westpac Banking Corporation (ASX:WBC) has been served with a class action filed by Maurice Blackburn Lawyers.

The claim, which seeks to recover an unspecified amount relates to ‘flex commissions’ paid to auto dealers during the period 1 March 2013 to 31 October 2018 inclusive.

Maurice Blackburn alleges that the ‘flex commissions’ unfairly resulted in consumers paying a higher interest rates on their car loans and that Westpac paid the commissions because it incentivised the dealers to set interest rates at higher levels than they would otherwise have been.

Shares in Westpac Banking Corporation (ASX:WBC) are trading 0.4 per cent higher at $17.88.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.