Westpac settles auto finance class action, appoints new CFO

Westpac Banking Corporation [NZX:WBC] has agreed to a $130 million settlement in a class action lawsuit concerning flex commissions paid to auto dealers between March 2013 and October 2018. The settlement, largely provisioned as of December 31, 2024, and included in Westpac's 1Q25 Update, remains subject to court approval and concludes the last Royal Commission related litigation for the Westpac Group. Westpac ceased paying flex commissions in 2018 and exited its dealer-introduced auto finance business in 2022.