A- A A+

Banks face years of litigation, billions in costs after Hayne

Phil Ruthven |  17 September 2018  |  Big Picture

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. 



Similar articles from Big Picture

Ethics in banking? That's a negative

Ruth Williams. 16/08/2018.

Financial institutions charging fees for no service. Banks charging dead people. AMP misleading the regulator. Super funds obscuring the truth from th..

'Enormous challenge and change': Telstra posts 8.9% fall in profit

Jennifer Duke. 16/08/2018.

Telstra chief executive Andy Penn has warned of "challenges" over the coming financial year, while posting a net profit decline of 8.9 per cent to $3...