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.ShutterstockVery 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...