Business News

Behind the judgment. Why the Federal Court tore up a $35m settlement between ASIC and Westpac over lending standards

Written by Michael Adams, Professor of Corporate Law & Governance, School of Law, Western Sydney University

Justice Perram has decided that some things are more important than quick settlements.Shutterstock

Very rarely does a judge tear up a multimillion-dollar penalty signed up to by both the regulator and the alleged perpetrator.

Yet that’s what Federal Court judge Nye Perram did on Tuesday, throwing out a A$35 million settlement between Westpac...

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