Westpac served with class action


Westpac Banking Corporation has been served with a class action by law firm Phi Finney McDonald on behalf of shareholders affected by the AUSTRAC money-laundering scandal.
In an announcement to the Australian Securities Exchange (ASX), Westpac said the shareholders were those who acquired an interest in Westpac securities between 16 December, 2013 and 19 November, 2019 (inclusive).
“The claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period and matters which are the subject of the recent AUSTRAC proceeding,” the announcement said.
“The claim does not identify the amount of any damages sought.
“Westpac will be defending the claims.”
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.