Major bank settles class action for $30m subscribe reporter reporter A A A big four bank has agreed to pay up to $30 million, without any admission of liability, to settle a class action relating to life insurance. In 2017, class action specialists Shine Lawyers commenced a class action against Westpac Banking Corp (Westpac) alleging that the bank charged its customers more interest on life insurance policies than they would have been able to access from independent financial advisers. According to the law firm, Westpac and its subsidiaries St.George, Bank of Melbourne, BankSA and BT customers were allegedly charged either 4.3 per cent and/or 9.09 per cent more for insurance policies taken out with Westpac Life Insurance Services Ltd between 2011 and 2017 than they would have been charged if they obtained the same insurance via independent advisers.