Westpac Agrees to $81 Million Settlement in Auto Finance Class Action Lawsuit
2025-03-14
Reuters
Westpac Banking Corp has reached a significant settlement of A$130 million in a class action lawsuit, resolving claims over commissions paid to auto dealers between 2013 and 2018. The lawsuit alleged that Westpac's auto finance practices were unfair, sparking a major backlash. The settlement marks a major development in the financial sector, highlighting the importance of transparency in auto finance and lending practices. With this settlement, Westpac aims to move forward, prioritising customer satisfaction and compliance with regulatory requirements. Key terms of the settlement include compensation for affected customers and a review of Westpac's auto finance policies.
