Westpac must pay A$2.7 million in damages to a wealthy investor who claims the bank misled him over a "guarantee" relating to both his initial investment and dividends.
The NSW Supreme Court ruled on the case last week, which was reported by The Australian.
The investor, Salvatore Coco, sought compensation for losses of more than $2 million on a $10 million investment, as well as interest.
Justice David Hammerschlag ruled that the Westpac adviser did not seem to fully understand the product and could not recall being trained in it, the newspaper reported.
Westpac must pay A$2.7 million in damages to a wealthy investor who claims the bank misled him over a "guarantee" relating to both his initial investment and dividends.
The NSW Supreme Court ruled on the case last week, which was reported by The Australian.
The investor, Salvatore Coco, sought compensation for losses of more than $2 million on a $10 million investment, as well as interest.
Justice David Hammerschlag ruled that the Westpac adviser did not seem to fully understand the product and could not recall being trained in it, the newspaper reported.
- Westpac ordered to make good on 'guarantee'
-
18 June 2012 7:11am
