Litigation funder confirms CBA class action

IMF Bentham commonwealth bank

5 September 2017
| By Mike |
image
image
expand image

Litigation funder IMF Bentham has confirmed it will be funding an open class action against the Commonwealth Bank over its alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.

The litigation funder told the Australian Securities Exchange (ASX) today that the it had made a formal decision to fund the action with the class consisting of those shareholders of the bank who had purchased shares between 17 August 2015 and 3 August 2017.

It said the claim would allege breaches by the Commonwealth Bank of its continuous disclosure obligations arising from the alleged breaches as well as misleading and deceptive public statements claiming performance by the bank of its obligations under the act.

The ASX announcement said IMF Bentham was continuing to take registrations from persons interested in participating in the class action.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

7 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 12 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 10 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 13 hours ago