Commonwealth Bank of Australia faces class action lawsuit

In October 2017, a class action lawsuit was filed against CBA for failing to disclose widespread breaches of anti-money-laundering rules.

On Monday, the Commonwealth Bank of Australia (CBA) disclosed that Phi Finney McDonald had served it with a class action lawsuit on behalf of certain shareholders.

As part of its statement, CBA disclosed the class action lawsuit was filed on behalf of certain shareholders who had acquired an interest in CBA’s shares between June 16, 2014 and Aug. 3, 2017.

CBA said, it intends to defend the claim “vigorously”.

The proceeding’s claims are similar to those commenced by Maurice Blackburn against CBA in October 2017.

Maurice Blackburn had filed a class action against CBA on behalf of shareholders, accusing the bank of failing to disclose widespread breaches of anti-money-laundering rules.

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