CBA may face class action over money laundering
23 August 2017
The Commonwealth Bank faces a potential investor class action over its disclosure of more than 53,000 alleged breaches of anti-money laundering laws, following a sharp fall in its share price when the scandal emerged earlier this month.
Plaintiff law firm Maurice Blackburn, backed by listed litigation funder IMF Bentham, said on Wednesday it would investigate a potential class action on behalf of CBA shareholders, citing the hit to the bank's share price.
Maurice Blackburn said it was "astounding" that the bank did not tell investors about the alleged breaches earlier.
The law firm said it could be the largest shareholder class action in Australian history. The current record for a shareholder class action was a $200 million settlement for Centro shareholders of 2012.
Read More: http://www.smh.com.au/business/banking-and-finance/cba-facing-potential-class-action-over-disclosure-of-laundering-allegations-20170821-gy196d.html