March 12, 2020 / 8:39 PM / 25 days ago

Australia's Westpac hit with class action lawsuit over financial crime disclosure

March 13 (Reuters) - Westpac Banking Corp said on Friday a class-action lawsuit was filed by certain shareholders who sought to recover damages relating to disclosure issues with its financial crime monitoring and a recent money-laundering scandal.

Australia’s second largest lender said the shareholders had bought their stake in the firm during a six-year period between Dec. 16, 2013 and Nov. 19 last year.

Australian financial crime watchdog AUSTRAC sued Westpac in November last year, accusing it of 23 million breaches of anti-money laundering laws and facilitating payments between known child abusers.

Local law firm Johnson Winter & Slattery filed the lawsuit on behalf of purchasers of Westpac shares. The lender said the claim did not specify the amount of damages sought.

The lender was hit by a similar lawsuit in December by law firm Phi Finney McDonald. (Reporting by Niyati Shetty in Bengaluru; Editing by Arun Koyyur)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below