Anyone else with Westpac Insurance?

 Got a letter in the mail yesterday from some lawyers saying since I have insurance sold to me as part of my super, I’m part of a group who are doing a $100 million class action against Westpac. Obviously I’m hoping there’s only 50-100 of us taking part, but I doubt it. Anyone else get the same letter?

____________________________________________________________________________

"Just because you are a Character, Doesn't mean you have Character."

Mr Wolf

 

 


Posts: 635

Date Joined: 16/05/09

Sounds like one set of bottom

Wed, 2018-04-25 12:13

Sounds like one set of bottom feeders feeding off another.

Rob H's picture

Posts: 4869

Date Joined: 18/01/12

 Yes it is Bill,

Wed, 2018-04-25 12:20

 Yes it is Bill, unfortunately with our legal system and the leaning of our present government it is the only option for some redress.
Litigation funders, whose business involves finding such opportunities, assessing the liklihood of a win and going at it in the hope of skimming a big payday.

No different really to being extorted by one gang and hiring another to provide protection...

____________________________________________________________________________

 Give a man a mask, and he'll show you his true face...

 

 

The older you get the more you realize that no one has a f++king clue what they're doing.

Everyone's just winging it.

 

Dale's picture

Posts: 7090

Date Joined: 13/09/05

Wed, 2018-04-25 12:30

 Yeah, the lawyers in question, Shine, are up for 30% of whatever the total sum is.

____________________________________________________________________________

"Just because you are a Character, Doesn't mean you have Character."

Mr Wolf

 

 

Posts: 402

Date Joined: 24/04/11

I wonder

Wed, 2018-04-25 13:33

..if the prosecuting lawyers get a kick back from teh those defendign westpac?

Win win for them.

30% of $100,000,000...theres lots of zeros in that number.

 

pelagicyachts's picture

Posts: 809

Date Joined: 23/02/11

Would anyone expect them to

Thu, 2018-04-26 08:51

Would anyone expect them to do it for free? alternatively would anyone be happy to pay them with the prospect of you not getting anything back in return (in the case they don't win). I think 30% is fair on the basis that they are self funding and the members of the class action are getting (potentially) something for doing nothing - litigation is ffff expensive and bear in mind if they lose they may have to pay the costs of the other side

I think for me the saddest thing about this whole fiasco is that in 20 years of being in finance (and no I am not a financial planner) nothing has changed, large companies are still not being held to account for their disgraceful actions - the board and executives should be facing jail time over this, instead they only stand to lose their jobs.
Ten years ago I was working for a bank that opened in an office in Beijing, I went up for the opening and the Australian expat who was the country head of the China arm of the bank told me if the bank was caught/found to be doing anything corrupt he (as the head of the business in China) faced life in prison.... needless to say he ran a very tight ship!- I think a bit of the same rules would be good to enact here....

sorry for the rant.........

squidvicious1's picture

Posts: 610

Date Joined: 22/07/10

 You’ll probably find that

Thu, 2018-04-26 12:54

 You’ll probably find that they charged an extra fee that you payed,where the real fee was mostly incorporated into the life of the loan. Go back and ask exactly what you are entitled too.