No wagyu for you: ASIC loses landmark case against Westpac

This has to go down as one of the most embarrassing court losses by an Australian regulator. ASIC and Westpac go to the Federal Court with a done deal - Westpac admits to breaches of the responsible lending laws and agrees to pay a penalty of $35 million. Justice Perram throws out the settlement because the agreed facts were not specific enough. He asks two fairly pertinent questions - (1) How did Westpac break the law? and (2) How many times did Westpac break the law? It appears that ASIC could not answer either of these questions to Justice Perram's satisfaction. ASIC is then forced to run the case and loses the case. Not too sure who should be more embarrassed - ASIC or the lawyers who advised Westpac to settle the case in the first place. Regardless of the above, ASIC should appeal. Not too sure Federal Court judges should be rejecting settlements and appointing an amicus curiae to act as a contradictor.

https://www.smh.com.au/business/banking-and-finance/no-wagyu-for-you-asic-loses-landmark-case-against-westpac-20190813-p52gii.html