Westpac to fight on the beaches, on the landing grounds...
W&D well remembers the decade-long lawsuit of Westpac v Bell Group (in liquidation). Not for the principles in dispute. But for legal fees topping half a billion dollars. Nice work, if you can get it.
The case was complex - and it wasn't just Westpac, there were 20 bank lenders.
But the case, which went all the way to the High Court , shows that when a bank wants to fight on the beaches, landing grounds, etc, it will spare no shareholders' expense.
Readers will now know that the corporate Labrador (ASIC) is suing Westpac (it started the ball rolling with ANZ) for interest-rate rigging. This will mean, to W&D's mind, another massive gravy train for lawyers.
The other beneficiaries will be the corporate communications' suppliers of Westpac. Readers will know that W&D has very little respect for the big banks, but he dips his lid to Westpac's lobbying, media networking and marketing spin machine. Expect a steady stream of soft stories about Westpac.
And hard cash to the lawyers.