Financial news

Australia’s Westpac hit with U.S. class-action lawsuit

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Via Reuters Finance

FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia’s Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo

(Reuters) – Investor rights law firm Bernstein Liebhard has filed a class-action suit against Australia’s No. 2 lender, Westpac Banking Corp (WBC.AX), accusing it of failing to monitor financial crime, the law firm said on Monday.

The suit was filed in a U.S. court on behalf of investors who bought Westpac’s securities between Nov. 11, 2015, and Nov. 19, 2019, the firm said in a statement.

On Saturday, Westpac said the U.S.-based Rosen Law Firm had filed a class-action lawsuit, naming as defendants former chief executive Brian Hartzer and interim chief executive Peter King.

(This story corrects headline to remove reference to second lawsuit)

Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Clarence Fernandez


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