Westpac Securities Class Action Update – Report

Share market by itself will appear like a wild west to any outsider or a rookie. Swings are way too much nowadays and one needs to perform proper research before committing a significant amount of capital. Westpac Securities Class Action is a legitimate lawsuit that intends to help buyers of the securities get a percentage of their money back.

The defendants have not issued any statement about the situation. However, the settlement process as always is the end solution to the litigations. Official court orders and other notices can be found on Rosen Law Firm website and for any real time updates, do remember to bookmark the Claims Administrator’s website.

You may or may not be familiar with the things highlighted in the legal notice. To get a firm grasp on the reality of the proceedings and to understand the parameters involved, continue reading. Note that the deadline for submitting claims regarding this matter is over and if any platform still enables people to get access to the forms, then it is probably a scam. 

Westpac Securities Class Action Update

Quick look at the History

The controversies of the stock market appear to be never ending. While regulators work tirelessly to put an end to the loopholes, the new asset classes and changing environment does not make things easy for anyone. Westpac Corporation has been allegedly involved with financial crime(share price rigging).

The exact way they took more money from the buyers of the shares is not revealed. However, the defendants have agreed to pay a settlement amount of 3.1 millions USD. If you bought shares of Westpac Banking Corporation between November 11th 2015 to November 19th 2019, then you are eligible to get the compensation amount.

The exact amount every victim will get is difficult to calculate. For precise numbers, get in touch with the Claims Administrator. There are few more intricacies associated with this lawsuit. Continue reading to know more about the litigation and compensation structure. 

Westpac Securities Class Action Explained

Westpac Securities Class Action involves a lot of factors. Proposed Class Action Settlement has 4 key factors to discuss and this happened at the Mark O. Hatfield United States Courthouse, Courtroom 1127, 1000 S.W. Third Avenue, Portland, Oregon 97204, just across from the Honorable John V. Acosta.

The updates on this case are hard to find. Nonetheless, here are the key points which were supposed to be determined.

  • Whether the proposed Settlement should be approved as reasonable, prudent, and adequate
  • Whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement, dated October 6, 2020, should be granted.
  • Whether the proposed Plan of Allocation should be approved as reasonable and prudent.
  • Whether Lead Counsel’s claim for attorney’s fees and expense reimbursement should be granted.

Westpac Securities Class Action Settlement amount and Process

As we mentioned before, to get information about the exact dollar amount compensation, one needs to contact the Claims Administrator. The official website to find forms is strategicclaims.net. Forms are pretty self-explanatory. Clients have to input a few basic information, provide documents and consent to the agreement.

Note that only the people that have submitted the form before the due date will be eligible for the compensation. For information regarding the due date and other important dates, refer to the paragraphs below. In case anyone does not like to be a part of the settlement, then they need to request exclusion from the Claims Administrator by March 8th 2021.

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    On the flip side, if you are a victim and you have any issues regarding attorney’s fee structure or allocation of funds, then a notice must be filed to Lead Counsel and Defendants’ Counsel. At any point, if you are having trouble understanding the legality of the activities, then feel free to hire a lawyer.

    More importantly, before signing any document or form, always read the small print thoroughly. Like most people, if you submit the form, then you do not have to do much thereafter because everything will be handled by the Rosen Law firm and regular updates will be posted on the official website. 

    Contact Details

    For any reason, if you are looking for ways of getting in touch with the court or the Rosen Law firm, then the following contact information is something you will appreciate. 

    • Address – ROSEN LAW FIRM, P.A., Sara Fuks, Esq., 275 Madison Avenue, 40th Floor, New York, New York 10016
    • Telephone – (212) 686-1060
    • Email – info@rosenlegal.com

    For information regarding Claim forms and other things, clients should write to the CA.

    In re Westpac Class Action Litigation   

    • c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063
    • Toll-Free Phone Number: (866) 274-4004
    • Email – info@strategicclaims.net

    Important Dates

    • The deadline for filing claims is January 19, 2021.
    • The deadline for exclusion is March 8, 2021.
    • The deadline for filing an objection is March 30, 2021.
    • The deadline for submitting a notice to appear is April 6, 2021.
    • On April 20, 2021, a settlement hearing will be held.

    End Note

    Westpac Securities Class Action is a simple and straightforward Settlement. The conditions are clear and the court has made a move on it. Process for everything is outlined in a user friendly format and most people familiar with the basics of the internet won’t have any problem with it.

    Bookmark the Claims Administrator’s website and never trust information from any other source unless you can verify the details firsthand. 

    Have you received money from Westpac Securities Class Action Lawsuit? Share your experience below. 

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