Print Edition - 2017-10-10  |  Money Digest

Commonwealth vows to fight class action

- AFP, SYDNEY

Oct 10, 2017-

Australia’s biggest bank, the Commonwealth, vowed Monday to fight what could become the country’s largest shareholder class action over alleged breaches of anti-money laundering laws. The open class action, filed by law firm Maurice Blackburn and litigation funder IMF Bentham in the Federal Court in Melbourne Monday, followed a civil case launched by Australia’s financial intelligence agency AUSTRAC in August. AUSTRAC alleged the bank engaged in “serious and systemic non-compliance” of anti-money laundering laws involving thousands of transactions. The class action claims CBA neglected its disclosure obligations as a listed company, hurting shareholders who bought its stock. CBA has more than 800,000 shareholders, with millions more holding stock through pension funds, according to this year’s annual report. In a brief statement, the bank—Australia’s largest firm by market capitalisation—said it “intends to vigorously defend this claim”. 

Published: 10-10-2017 10:34

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