Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Westpac Banking Corporation (WBK)

NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) and other defendants related to alleged violations of federal securities laws. If you purchased Westpac securities between November 11, 2015, and November 19, 2019, inclusive, you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at [phone] or [e-mail].

Westpac provides various banking and financial services in Australia, and internationally.

The lawsuit alleges that Westpac continuously affirmed it was operating in accordance with the Anti-Money Laundering and Counter-Terrorism Financing (“AML/CTF”) Act of 2006 and had a program to manage these obligations.

Despite these purported efforts, in November 2018, Westpac revealed, in its 2018 Form 20-F, that it had recently self-reported to AUSTRAC, Australia’s anti-money laundering and terrorism financing regulator, a failure to report a large number of International Funds Transfer Instructions, which the Company downplayed in a May 2019 conference call as “a few regulatory and compliance issues.”

Then, on November 19, 2019, AUSTRAC filed a civil action against Westpac alleging over 23 million breaches of AML/CTF legislation, including a failure to report over 19.5 million International Funds Transfer Instructions and failing to carry out due diligence checks on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks.

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.

What You Can Do

If you purchased Westpac securities between November 11, 2015, and November 19, 2019, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at [phone] or [e-mail]. The deadline for lead plaintiff motions is March 30, 2020.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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