Banks face years of litigation, billions in costs after Hayne
Phil Ruthven |
17 September 2018
The major banks face years of rolling litigation and potentially billions of dollars in additional compensation out of the Hayne royal commission, as plaintiff law firms prepare a series of test cases over mortgage lending practices and regulators target other areas of bad behaviour.
In moves set to further shift the lending dynamic from "buyer beware" to "seller beware", Maurice Blackburn is preparing to sue the banks over interest-only lending, mortgage fraud and how household expenses were calculated prior to approving loans.