Company name Westpac Banking Corporation
Stock symbol WBK
Status Class Action Complaint Filed

NEW YORK, March 18, 2020– Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of investors that purchased Westpac Banking Corporation (NYSE: WBK) securities between November 11, 2015 and November 19, 2019 (the “Class Period”). Investors have until March 30, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On November 20, 2019, the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) charged Westpac with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the “AML-CTF Act”).  Further, Westpac’s senior management failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation.

On this news, Westpac’s stock price fell $0.80 per share, or over 4%, to close at $17.15 per share on November 20, 2019.

The Complaint, filed on January 30, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) 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; (5) the Company’s AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Westpac securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below.  There is no cost or obligation to you.

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Call to provide more information: Tel: (212) 355-4648

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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