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Big four bank slapped with class action 

— 1 minute read

A major bank has had a class action filed against in on the behalf of irate shareholders, in regards 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.

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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.

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 slapped with class action 
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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