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Westpac settles US class actions
Westpac Group has confirmed it has reached an agreement to settle two class actions in the US.
Emma Musgrave
The Australian big four bank has settled both its bank bill swap reference rate (BBSW) class action and Rosen Law Firm class action.
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The former class action was filed in the US District Court for the Southern District of New York in August 2016. It was in relation to trading activity in the Australian BBSW market.
A statement from Westpac confirmed the settlement with the plaintiffs of these class actions is subject to negotiation and execution of complete settlement papers and court approval. The terms are currently confidential.
Meanwhile, Westpac’s settlement on the Rosen Law Firm class action stems from a claim filed in January 2020 in the US District Court for the District of Oregon.
This class action was in relation to “market disclosure issues connected to Westpac’s financial crime obligations over the period 11 November 2015 to 19 November 2019”.
Similarly, the Westpac statement noted that this settlement is subject to court approval.
“The settlement is not material and resolves all claims against the defendants without any admission of liability,” the statement noted.
This latest news comes after Westpac was served a class action earlier this year on behalf of Australian shareholders who acquired interests in the bank’s securities or equity swap confirmations in the last six years.
