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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
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.
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.
The case is David John Parkinson and Glenda Anne Parkinson as trustees for the Parkinson Superannuation Fund v Westpac Banking Corporation and another.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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