Home Markets Westpac may face compo claims from fund giants

Westpac may face compo claims from fund giants

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That is in addition to the brokers that traded with Westpac that morning, including JPMorgan, Citi, ANZ, Goldman Sachs and Nomura, which may have lost money on their trades.

One industry fund source said the relationship between the sector and Westpac would likely be a bit more strained in the near term given the alleged behaviour.

While Westpac competes to act as a client for both companies on investment banking deals, AustralianSuper and IFM use National Australia Bank for their daily banking needs.

Westpac also operates a company called QuickSuper – heavily used by the $500 billion industry fund sector – which gives employers a secure online payment system that streamlines superannuation payments to funds.

Landmark case

Sydney University associate professor Juliette Overland said if Westpac decides to defend itself in court it will be “a landmark case”, given the only two cases bought against companies in Australia resulted in a loss against…

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