Westpac hit with class action over ‘market disclosure issues’

Westpac has been served with a class action on behalf of shareholders who acquired interests in the bank’s securities or equity swap confirmations in the last six years.

Jerome Doraisamy • 13 March 2020 • Big Law

Westpac hit with class action over ‘market disclosure issues’

Johnson Winter & Slattery has brought a class action against the banking giant on behalf of shareholders who acquired an interest in Westpac securities or equity swap confirmations between 16 December 2013 and 19 November 2019.

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The claim relates to “market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period”, as well as matters which are subject of the AUSTRAC proceedings and covers similar subject matter to the claim filed by Phi Finney McDonald late last year, the bank noted.

The action is being funded by Burford Capital.

In a statement, Burford said: “On 12 March, Johnson Winter & Slattery filed a class action suit in the Federal Court of Australia against Westpac and one of its prior executives for alleged systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.”

Westpac has responded publicly, saying the claim does not identify the amount of any damages sought, and that it will defend the claim.

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The case is David John Parkinson and Glenda Anne Parkinson as trustees for the Parkinson Superannuation Fund v Westpac Banking Corporation and another.

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Jerome Doraisamy

Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.

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