The Federal Court approved the $29.95 million class action settlement against Westpac after subsidiaries BT Funds Management (BTFM) and Westpac Life Insurance Services (WLIS) allegedly failed to manage conflicts of interest when investing BT Super member money in a cash option.
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Westpac has reached a $29.95 million settlement in a class action relating to the bank s subsidiaries, BT Funds Management Limited and Westpac Life Insurance Services Limited.