Westpac Banking Corporation Loss Submission Form

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Westpac Banking Corporation (NYSE: WBK) who purchased shares between November 11, 2015 and November 19, 2019. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.

In particular, the Westpac lawsuit alleges that (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”); (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 Westpac 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 Anti-Money Laundering and Counter-Terrorism Financing Policy 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.

Shareholders have until March 30, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

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