What I want to know is what this is likely to cost shareholders? and if westpac lose? they will have to pay costs for their deponant? Has anyone got an opinion on how this lawsuit will affect the WBC share price ?
The onus surly was on westpac to do it's due dilligence before buying BT, and crying once the milk is spilt is silly to say the least. Effectively they have paid $900 million for something they didn't access properly... not BT's fault in my opinion, Save us the money westpac and do a proper study into the costs and likely outcome before proceeding.. Just my thoughts..
Date: 19/1/2006
Source: The Australian --- Page: 17
Australian bank, Westpac, is pursuing claims against the former owner of its fund management arm. Westpac bought BT Financial Group from Principal Financial Group for $A900 million in August 2002. In December 2004, Westpac filed $A50million in claims just before the warranty claim deadline. Westpac alleges that the value of some Australian and New Zealand funds was overstated by BT. Westpac is still discussing the issue with Principal, but the latter is defending itself against the claims
What I want to know is what this is likely to cost shareholders?...
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Last
$30.03 |
Change
-0.020(0.07%) |
Mkt cap ! $103.6B | |||
| Open | High | Low | Value | Volume |
| $30.00 | $30.14 | $29.90 | $121.3M | 4.052M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 35 | $29.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $30.04 | 12519 | 1 |
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| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| WBC (ASX) Chart |