Registration is now open
Retail and institutional investors are invited to register for the Westpac Shareholder Class Action.
Phi Finney McDonald is the law firm acting on behalf of the applicant Edmund Yong, representing investors who suffered losses after Westpac breached anti-money laundering and counter-terrorism financing (AML/CTF) laws. The class action is funded by Woodsford Group Limited.
Westpac received a record $1.3 billion fine for its AML/CTF deficiencies.
Investors who acquired Westpac ordinary shares or American Depository Receipts (ADRs) or were exposed to shares through equity swaps, incurred substantial losses when these matters came to light in November 2019.
Allegations
The class action alleges that Westpac breached its continuous disclosure obligations by not advising the market it:
• had failed to report millions of international funds transfer instructions (IFTIs) to the Australian Transaction Reports and Analysis Centre (AUSTRAC);
• had failed to properly monitor its customers for known indicators of child exploitation; and
• was in serious and systemic non-compliance with AML/CTF laws.
The class action also alleges that Westpac engaged in misleading and deceptive conduct by making related representations to the market, which are alleged to have been misleading or deceptive.
Background
In 2019, Westpac shares declined 7% following allegations the bank had breached AML/CTF laws, resulting in a record $1.3 billion civil penalty the following year.
AUSTRAC launched proceedings against the bank for a variety of contraventions of AML/CTF laws. The largest breach concerned 19.5 million IFTIs (instructions for transferring money overseas or bringing foreign money onshore) that were not reported within the prescribed timeframe.
The bank also failed to maintain records about the source of funds in some cases, adequately check customers who regularly made overseas payments and properly monitor customers for certain patterns consistent with child exploitation activities.
The allegations relate to a breach of Westpac’s continuous disclosure obligations (and allegations that Westpac engaged in misleading and deceptive conduct) by failing to properly inform prospective investors about material risks that impacted their shareholding.
Eligibility
You are eligible to register if you acquired Westpac ordinary shares, ADRs or engaged in an equity swap from 30 June 2014 until 19 November 2019 (inclusive).
Are your contact and shareholding details correct?
Please ensure you have your contact and shareholding details when you fill out the registration form.
How do I register?
The registration button below will take you to an online form that asks for information about your shareholding to determine your eligibility and complete your registration.
Complete this form only if you, or someone on whose behalf you are acting, wants to register in the Westpac Shareholder Class Action.
Opt out
If you wish to opt out, you must complete an Opt Out Form – See option B in the Opt Out and Registration Notice.
Please read the Opt Out and Registration Notice approved by the Federal Court for further information.
Privacy
Please review the Privacy Policy for information regarding our handling of your privacy and personal information.
If you have any questions regarding the handling of your information, or do not want to receive information about future class actions, please email dataprotection@phifinneymcdonald.com.
Contacting Phi Finney McDonald and Frequently Asked Questions
To keep costs to a minimum, we will not have a hotline for queries, but we will respond via email.
If you have any queries regarding the matter, please refer to our Frequently Asked Questions (FAQs). If your query cannot be answered by the FAQs, please contact Phi Finney McDonald by emailing WestpacShareholders@phifinneymcdonald.com