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.”
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
