Australia’s No 2 lender, Westpac, was hit with a class-action suit indicating former Chief Executive Brian Hartzer and interim CEO Peter King as the defendants. In the lawsuit filed under the lender’s shareholders, the complainants have shown that the lawsuit is in connection with shares purchased on the New York Stock Exchange between November 11, 2015, and November 19 of the same year, and sought to recover damages emerging from financial crimes and 23 million money laundering, as well as promoting payments between child abusers. The two leaders of the bank were fired based on charges and former Barclays boss John McFarlane was appointed as the chairman. Another Australian law firm Phi Finney McDonald also filed a court case for market disclosure issues and deficiencies in the bank’s monitoring of financial crimes.
