The Western Union Company (WU)


The Western Union Company
Stock Symbol: WU
Class Period: 02/24/2012 - 01/19/2017
Status: New Case
The Complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Western Union's fraud prevention efforts did not comply with applicable laws; (2) the Company willfully failed to maintain an effective anti-money laundering program; (3) Western Union aided and abetted wire fraud; (4) for at least five years, Western Union knew of agents structuring transactions designed to avoid the reporting requirements of the Bank Secrecy Act; (5) the Company was not compliant with its regulatory responsibilities; (6) between 2004 and 2012, Western Union violated U.S. laws - the Bank Secrecy Act and anti-fraud statutes - by processing hundreds of thousands of transactions for Western Union agents and others involved in an international consumer fraud scheme; (7) Western Union knew of but failed to take corrective action against Western Union agents involved in or facilitating fraud-related transactions; (8) between January 1, 2004 and August 29, 2015, Western Union received at least 550,928 complaints about fraud-induced money transfers, totaling at least $632,721,044; and (9) as a result, Defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.





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