April 28 (Reuters) - Westpac Banking Corp (WBC) settled a class action lawsuit filed in 2017 which alleged that Australia's second-largest bank charged higher premiums for life insurance policies through advisers linked to them.
The lender said on Wednesday it resolved the lawsuit without an admission of liability, and the settlement was capped at A$30 million ($23.30 million), subject to court approval.
Shine Lawyers filed the class action in October 2017 on behalf of customers who received financial advice between 2011 and 2017 from Westpac-aligned advisers for life insurance policies.
Those customers were then charged higher premiums for policies than others who obtained identical insurance from independent advisers, Shine Lawyers had alleged https://www.shine.com.au/service/class-actions/westpac-class-action.
The law firm did not immediately respond to a request for comment on the settlement. ($1 = 1.2873 Australian dollars)
News: WBC Australia's Westpac settles life insurance class action lawsuit
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