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Australia's Westpac hit by class action lawsuit

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Westpac Banking Corp said on Friday it would defend itself against a class action lawsuit filed against its life insurance and pension units.

[BENGALURU] Westpac Banking Corp said on Friday it would defend itself against a class action lawsuit filed against its life insurance and pension units.

Law firm Slater and Gordon said it filed the class action on behalf of thousands of superannuation members whom it said "were shortchanged" by the bank's superannuation funds.

The lawsuit relates to Westpac subsidiaries BT Funds Management Ltd and Westpac Life Insurance Services Ltd.

Slater and Gordon last year filed two lawsuits against the pension units of the country's biggest lender Commonwealth Bank of Australia and wealth manager AMP.

REUTERS