July 17 (Reuters) - Westpac Banking Corp (WBC) said on Friday it has been served with a class action over commissions paid to auto dealers between 2013 and 2018 that are alleged to have led to higher interest rates for car loans.
The "flex commissions" have been banned in Australia since 2018.
The class action, filed by law firm Maurice Blackburn, claims Westpac and St George Finance Ltd let car dealers hike rates on car loans to earn these commissions from March 1, 2013, to Oct. 31, 2018.
Consumers in some cases were charged more than three times the set base interest rate, Maurice Blackburn said in a statement.
Australia's second-biggest bank said the damages amount sought was unspecified and it will defend itself against the claim.
The bank acknowledged that other similar claims may be filed.
News: WBC Australia's Westpac hit with class action over car loan commissions
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$33.03 |
Change
-0.260(0.78%) |
Mkt cap ! $113.0B | |||
| Open | High | Low | Value | Volume |
| $33.24 | $33.35 | $32.82 | $105.9M | 3.205M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 200 | $32.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.04 | 4350 | 1 |
View Market Depth
| Last trade - 16.10pm 25/07/2025 (20 minute delay) ? |
| WBC (ASX) Chart |