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Class Action against Westpac Banking Corporation - Foreign Remittance Businesses




Mitry Lawyers have been instructed by a number of businesses to pursue a class action against Westpac Banking Corporation (Westpac) in relation to proposed closures of bank accounts held at Westpac affecting foreign remittance businesses.


The Proceedings are before the Federal Court of Australia at Sydney and are identified as Sydney Forex Pty Limited v Westpac Banking Corporation (NSD1222/2014).


It is alleged that Westpac has engaged in unconscionable conduct, or a breach of the Code of Banking Practice by, inter alia, failing to give reasonable notice prior to closing the accounts.




Eligible Participating Group Members


You are a class member (Group Member) if you:

  1. operate a business providing remittance services, being services for the transfer of money between persons in Australia and persons in countries other than Australia; and

  2. are registered on the Remittance Sector Register maintained by the Chief Executive Officer of the Australian Transaction Reports and Analysis Centre (AUSTRAC) under s 75 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth); and

  3. as at 21 November 2014 hold bank accounts with Westpac; and

  4. have been notified by Westpac in writing that the bank accounts will be closed by Westpac unless the bank accounts are personally closed first, and have not consented to such closure.




Status of Proceedings


The Proceedings are listed for final hearing on 22 and 24 December 2014.


On 4 December 2014, his Honour Justice Foster in the Federal Court of Australia, approved made Orders to help facilitate proceedings in the class action against the Westpac Bank.


Any Group Member wishing to participate in any settlement or resolution of the proceedings may only do so by completing a Registration Form (found  below) and mailing or delivering to Mitry Lawyers at 161 Castlereagh Street Sydney NSW 2000 by 4:00pm on 19 December 2014.


Any Group Member may opt out of the Proceedings, in which case they will not be affected by Orders made affecting the class in these Proceedings (or named in the Proceedings) by completing and filing in the Federal Court of Australia (or mailing or delivering to Mitry Lawyers) an Opt Out Notice (found below) by 4:00pm on 19 December 2014.


Please consult the Further Amended Originating Application and Amended Statement of Claim for further details about the case.


Documents available for download


Further Amended Originating Application


Amended Statement of Claim


Orders made 4 December 2014


Registration Form and Opt Out Notice (for those who have previously registered with Mitry Lawyers)


Registration Form and Opt Out Notice (for those who have NOT previously registered with Mitry Lawyers)



Richard Mitry | Partner | or +61 2 9222 2833


Yooree Lee | Solicitor | or +61 2 9222 2833


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