After it was accused of ‘unfairly overcharging’ clients for life insurance products Australian banking giant Westpac has agreed to settle a class action lawsuit that has been ongoing since October 2017. According to the firm, the case relates to “premiums paid for certain insurance policies taken out with Westpac Life Insurance Services between 2011 and 2017”. The lawsuit by Shine Lawyers alleged the bank’s advisers “unfairly overcharged” clients for life insurance products. Westpac will pay a settlement capped at A$30m (£17m, $23m, €19m) which is subject to approval by the federal court of Australian. But the group said it has “resolved this matter without any admission of liability”.