Westpac Banking Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of those who acquired Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) securities during the period from November 11, 2015 through November 19, 2029. Investors have until March 30, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator; (ii) the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia; (iii) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (iv) despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; and (v) the Company’s AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks
On November 19, 2019, AUSTRAC filed a civil action in Australian Court alleging over 23 million breaches of Australian AML/CTF legislation, including a failure to report over 19.5 million international fund transfer, 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.
On this news, Westpac’s ADR price fell $1.25 per share, or 6.98%, to close at $16.67 per share on November 22, 2019.
If you acquired Westpac securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.