Westpac settles auto finance lawsuit for $81 million

sg.news.yahoo.com

Westpac Banking Corp has agreed to pay A$130 million ($81 million) to settle a class action lawsuit over commissions paid to auto dealers. The lawsuit claimed the bank allowed dealers to increase interest rates on car loans from 2013 to 2018. This settlement, pending court approval, concludes the last litigation related to the Royal Commission for Westpac. The bank stopped paying these commissions in 2018 and ceased new auto finance lending in 2022. In a similar case, ANZ settled a class action for A$85 million in October 2024 over flex commissions paid to car dealers from 2011 to 2016.


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Westpac settles auto finance lawsuit for $81 million | News Minimalist