Westpac Banking Corporation Class Action Lawsuit
- Company Name
- Westpac Banking Corporation
- Stock Symbol
- Class Period
- November 11, 2015 to November 19, 2019
- Motion Deadline
- March 30, 2020
- District of Oregon
On January 30, 2020, the Westpac Banking Corporation securities class action lawsuit was filed charging Westpac and certain of its officers with violations of the Securities Exchange Act of 1934. The Westpac securities class action lawsuit was commenced in the District of Oregon on behalf of purchasers of Westpac securities between November 11, 2015 and November 19, 2019 (the “Class Period”) and is captioned Byrne v. Westpac Banking Corp., No. 20-cv-00171.
The Westpac securities class action lawsuit alleges that: (1) contrary to Australian law, Westpac failed to report over 19.5 million International Funds Transfer Instructions (“IFTIs”) to Australia’s financial crimes regulator, AUSTRAC; (2) Westpac failed to appropriately monitor and assess the money laundering and terrorism financing risks associated with movement of money into and out of Australia; (3) Westpac failed to conduct appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; and (4) Westpac’s Anti-Money Laundering and Counter-Terrorism Financing policy was inadequate to identify, mitigate, and manage money laundering and terrorism financing risks.
On November 19, 2019, AUSTRAC filed a civil action against Westpac alleging over 23 million breaches of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act of 2006, including failing to report over 19.5 million IFTIs, failing to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and potentially providing services used in the exploitation of children in South East Asia and the Philippines. AUSTRAC also alleged that Westpac had been aware of the heightened child exploitation risks since at least 2013. On this news, the price of Westpac American Depositary Receipts (“ADRs”) declined more than 7% over the next three trading days to close at $16.67 per ADR on November 22, 2019. Thereafter, on November 25, 2019, Westpac’s CEO, defendant Brian Charles Hartzer, resigned as a result of the scandal.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Westpac securities during the Class Period to seek appointment as lead plaintiff in the Westpac securities class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Westpac securities class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Westpac securities class action lawsuit. An investor’s ability to share in any potential future recovery of the Westpac securities class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Westpac securities class action lawsuit or have questions concerning your rights regarding the Westpac securities class action lawsuit, please provide your information here or contact counsel, Brian E. Cochran of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. Lead plaintiff motions for the Westpac securities class action lawsuit must be filed with the court no later than March 30, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.