Australia's Westpac settles auto finance class action lawsuit for $81 million

Business and FinanceBusiness and Finance

Fri, March 14, 2025

[ Today @ 11:31 AM ] - gameluster

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Australia's Westpac settles auto finance class action lawsuit for $81 million

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Australia's Westpac settles auto finance class action lawsuit for $81 million

^{Published on 2025-03-14 05:00:48 - Reuters}

Australia's Westpac Banking Corp has reached an A$130 million ($81.84 million) settlement on a class action lawsuit against the lender over commissions paid to auto dealers over five years, the bank said on Friday.

Westpac Banking Corp has agreed to pay A$125 million ($81 million) to settle a class action lawsuit in Australia related to its auto financing practices. The lawsuit, brought by law firm Maurice Blackburn, accused Westpac of charging excessive fees and interest rates on car loans through its subsidiary St. George Finance. The settlement, which does not involve an admission of liability by Westpac, covers approximately 6,500 customers who took out loans between January 2013 and June 2018. This resolution aims to compensate affected customers for the alleged overcharges, with the settlement amount to be distributed among the class members after legal fees and other costs are deducted.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/australias-westpac-settles-auto-finance-class-action-lawsuit-81-million-2025-03-14/ ]

N@N

Australia's Westpac settles auto finance class action lawsuit for $81 million