WBC 0.20% $25.21 westpac banking corporation

News: WBC UPDATE 1-Australian regulator to not appeal court ruling in Westpac home lending case

  1. 117,712 Posts.
    lightbulb Created with Sketch. 1428

    (Adds comment from consumer groups, share reaction)

    July 22 (Reuters) - Australia's corporate watchdog said on Wednesday it would not appeal the Federal Court's dismissal of its lawsuit accusing Westpac Banking Corp (WBC) of failing to meet responsible lending obligations in approving mortgages.

    The Australian Securities and Investments Commission said in a statement it "is mindful of the impact of the additional time required to resolve this matter in the current challenging economic circumstances."

    The Federal Court in June sided with a lower court, finding that Westpac had done nothing wrong by using an automated system rather than manually checking each applicant's living expenses.

    It was one of numerous lawsuits by Australian regulators after a Royal Commission inquiry found evidence of widespread misconduct in the financial sector in 2018 and 2019.

    Australian consumer rights groups, including the Financial Rights Legal Centre and CHOICE, said in a joint statement they were "extremely disappointed" by the decision not to appeal.

    Shares of Westpac closed down 0.6%, outperforming a 1.3% drop for the broader market (xjo) .

watchlist Created with Sketch. Add WBC (ASX) to my watchlist
(20min delay)
Mkt cap ! $92.48B
Open High Low Value Volume
$25.13 $25.22 $24.94 $101.3M 4.031M

Buyers (Bids)

No. Vol. Price($)
1 1000 $25.20

Sellers (Offers)

Price($) Vol. No.
$25.21 1468 1
View Market Depth
Last trade - 16.10pm 09/04/2021 (20 minute delay) ?
0.050 ( 0.07 %)
Open High Low Volume
$24.94 $25.22 $24.93 1455097
Last updated 15.59pm 09/04/2021 (live) ?
WBC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.