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03.02.2020

Westpac hit with another class action

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The class action follows a similar lawsuit led by Phi Finney McDonald

Stocks impacted: Westpac Banking Corp (WBC)

Investor rights law firm Bernstein Liebhard announced that a securities class action has been filed on behalf of investors that purchased the securities of Westpac between November 11, 2015, and November 19, 201. The bank is reportedly accused of failing to monitor financial crimes which are currently the subject of an AUSTRAC proceeding in the Federal Court of Australia. According to the class action, Westpac failed to report over 19.5 million international funds transfer instructions to AUSTRAC over a period of nearly five years and failed to carry out proper due diligence on transactions in South East Asia that have known financial hallmarks relating to potential child exploitation risks. As a reminder, Rosen Law Firm's class action follows a similar lawsuit in Australia led by Phi Finney McDonald. Westpac stocks are losing over 1.2% on Monday.

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