Big four bank hit with class action

A major bank has had a class action filed against it on the behalf of irate shareholders, in regard to market disclosure issues and a money laundering scandal.

Westpac has been served with a class action from law firm Johnson Winter & Slattery (JWS) over disclosure around the major bank’s monitoring of financial crime and matters of the AUSTRAC proceedings.

The case, David John Parkinson and Glenda Anne Parkinson as trustees for the Parkinson Superannuation Fund v Westpac Banking Corporation, was filed in the Federal Court on Thursday.

The big four bank reported JWS has commenced the new action on the behalf of shareholders who acquired an interest in Westpac securities or equity swap confirmation between 16 December 2013 and 19 November 2019.

Westpac indicated it will be defending the claim.

AUSTRAC had launched its proceedings against Westpac last year over an alleged 23 million breaches of anti-money laundering laws.

Advertisement
Advertisement

JWS has launched the third class action against the bank in the fallout. Legal firm Phi Finney McDonald launched a similar class action in December and US firm Rosen filed a claim more recently.

Global litigation funder Burford Capital is backing the JWS action.

Westpac said the claim has not identified the amount of any damages sought.

Big four bank hit with class action
Big four bank hit with class action
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.