Australia's Westpac to refund new retail shareholders to avoid lawsuit

Australia's Westpac to refund new retail shareholders to avoid lawsuit

FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo

Australia’s Westpac Banking Corp offered to refund investors who bought new shares weeks before a bombshell lawsuit accusing it of millions of breaches of money laundering laws, a rare step to fend off criticism about its transparency.