February 20, 2019 / 10:02 PM / 6 months ago

Australia's Westpac sued for making loans consumers could not repay

SYDNEY, Feb 21 (Reuters) - Australia’s Westpac Banking Corp was sued on Thursday by consumers who said the bank made them loans they could not afford to repay and in violation of banking regulations.

Under Australian law, banks must check that loans are suitable for borrowers.

“This case will seek to prove that Westpac failed to comply with these obligations and that this failure caused substantial losses for many consumers,” said Ben Slade, principal lawyer at Maurice Blackburn, the firm which has filed the class action lawsuit.

Westpac, the country’s biggest bank by assets, did not have an immediate response. (Reporting by Tom Westbrook; Editing by Lisa Shumaker)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below