Westpac served with class action

Westpac Banking Corporation has been served with a class action by law firm Phi Finney McDonald on behalf of shareholders affected by the AUSTRAC money-laundering scandal.

In an announcement to the Australian Securities Exchange (ASX), Westpac said the shareholders were those who acquired an interest in Westpac securities between 16 December, 2013 and 19 November, 2019 (inclusive).

“The claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period and matters which are the subject of the recent AUSTRAC proceeding,” the announcement said.

“The claim does not identify the amount of any damages sought.

“Westpac will be defending the claims.”