The Federal Court of Australia has issued a notice to the investors who bought the Westpac shares to register for the class action settlement. If you are an institutional or retail investor with Westpac shares, you can check the full settlement details here.
Westpac Class Action Settlement
The class action lawsuit against Westpac in the Australian federal court on 17 December 2019, alleging that the defendant violated the anti-money laundering and counter-terrorism financing laws. The class action claims that they violated the laws due to the following actions:
- They failed to report the international funds transactions to AUSTRAC (Australian Transaction Reports and Analysis Center).
- They did not monitor the customers for child exploitation indications and did not comply with the AML/CTF laws.
The class action now allows affected investors to register for the class action settlement if they wish to participate and later receive the compensation if it is approved. According to the notice, eligible group members can register for the class action before the deadline, 24 October 2025, up to 4 PM.
If you wish to opt out of this class action settlement, you can file out the opt-out form before 24 October 2025.
Who can register for the Westpac class action?
The group members of the Westpac class action can register to participate in the settlement. If you wish to find out if you are a group member or not, check the conditions below:
- You have acquired an interest in Westpac Securities during the class period 30 June 2014 to 19 November 2019, by purchasing the ordinary shares, or Westpac American Depositary Receipts, or you have an interest in Westpac shares by entering into the equity swap confirmation for Westpac ordinary shares.
- You have suffered loss or damage due to Westpac’s claimed allegation of misleading and violation of the law.
- You can register for the class action if you inherited the Westpac shares or sold shares but bought them during the class period.
Exclusion:
- If you are a related party, entity, officer, employee, or related corporate body of Westpac, you cannot register.
- If you are an employee, officer, or legal practitioner of Phi Finney McDonald related to this class action, you cannot register.
- The judge or judicial staff and their immediate family members cannot register for the settlement.
- If you filed the opt-out form for the Westpac settlement, you are not eligible for participation.
How much compensation can you expect through the Westpac class action?
The class action against Westpac Bank is still going on; it has not been settled yet, so we do not have the settlement amount. Once the class action results in favor of the plaintiffs, the group members may receive the settlement benefits.
But before the compensation is paid to the group members, the settlement amount will be used to reimburse the Woodsford litigation founder’s legal costs, pay the Phi Finney McDonald payment, and other expenses.
The Phi Finney McDonald, who is handling the case, will have 25% of the funds, whereas Woodsford will have 27.5% if the class action is settled. Remember, the payment from the settlement is subject to federal court approval, so until the class action is finalized, we cannot predict the payout.
How to register for the Westpac Class action settlement?
If you wish to participate in the Westpac class action settlement, you can register for it on the Phi Finney McDonald website in the following steps:
- Visit the official Phi Finney McDonald page for the Westpac class action at https://phifinneymcdonald.com/action/westpac-class-action/
- Next, click the Register Now option and click yes if you have acquired the Westpac ordinary shares, Westpac equity swaps, or Westpac ADRs during the class period.
- Next, click the option based on the acquaintance result and then access the registration form.
- Once you have filled in the registration form with valid details, submit it on the website.
- After you have submitted the registration form successfully, you will receive the confirmation message via email.
If you face any issues in registering for the Westpac class action, you can contact the firm via email, WestpacShareholders@phifinneymcdonald.com, and get the needed assistance.
The Phi Finney McDonald law firm is handling the class action against Westpac, and now they have launched the registration form for the settlement, so if you are an investor, you should register now to participate in the settlement.
Disclaimer: The information we provide about company events is strictly for informational and descriptive purposes. It is not intended to influence opinions, create trends, or serve as investment advice or a recommendation in any form.