A decision
today to settle with Westpac Banking Corp out of court
removes the Commerce Commission’s obligation to protect
the rights of farmers, Labour’s Primary Industries
spokesperson Damien O’Connor says.
“From a
farming perspective, the Commerce Commission is about as
useless as tits on a bull. “Westpac has today admitted
its marketing of interest rate swaps was likely to be
misleading and it will now pay up to $2.5 million to 38
farmers. It will also pay $250,000 to rural support
trusts.
“This deal means – along with agreements
struck with ANZ and ASB – that banks have financed their
way out of court action with nominal payments to a few
hundred farmers, a small number of those affected.
“Many farmers were forced to sign confidentiality
agreements when refinancing with the banks.
“The
reluctance of the Commission to follow through with court
action undermines the integrity of our legal system and
reinforces the growing view that money buys justice,”
Damien O’Connor says.
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