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

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND