Nov 30 (Reuters) - Australian Securities & Investments Commission:
- ASIC LAUNCHES MULTIPLE LEGAL ACTIONS AGAINST WESTPAC
- HAS COMMENCED SIX CIVIL PENALTY PROCEEDINGS AGAINST WESTPAC IN THE FEDERAL COURT
- PROCEEDINGS ALLEGE WIDESPREAD COMPLIANCE FAILURES ACROSS MULTIPLE WESTPAC BUSINESSES
- WESTPAC BUSINESSES AGAINST WHOM ALLEGATIONS ARE MADE INCLUDE ITS BANKING, SUPERANNUATION AND WEALTH MANAGEMENT BRANDS, AMONG OTHERS
- WESTPAC HAS ADMITTED THE ALLEGATIONS IN EACH OF THE PROCEEDINGS AND WILL REMEDIATE ABOUT A$80 MILLION TO CUSTOMERS
- ASIC AND WESTPAC WILL SUBMIT TO THE COURT THAT COMBINED PENALTIES OF MORE THAN A$100 MILLION ARE APPROPRIATE
- ALLEGED CONDUCT OCCURRED OVER MANY YEARS AND AFFECTED MANY THOUSANDS OF CONSUMERS
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News: WBC Australia's ASIC Launches Multiple Legal Actions Against Westpac
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