Commonwealth Bank of Australia class action
On 9 October 2017, Australia’s leading class action law firm, Maurice Blackburn Lawyers, with support from litigation funding giant IMF Bentham, filed a shareholder class action on behalf of aggrieved Commonwealth Bank of Australia (ASX:CBA) investors.
The class action was filed on behalf of investors who suffered losses due to the share price fall following the institution of legal proceedings by AUSTRAC against CBA.
If you purchased ordinary CBA shares during the period from 1 July 2015 to 3 August 2017 and still held some or all of those shares until after 1pm on 3 August 2017, you can register your claim here, at no cost or risk.
Background to the class action
Shareholders in Australia’s largest ASX-listed company suffered one of the biggest single price movements in CBA’s recent history following revelations that CBA would face legal proceedings in Federal Court, in which Australia’s financial intelligence and regulatory agency, AUSTRAC, alleged that CBA contravened the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) over 53,000 times.
When news of the AUSTRAC proceeding became public, CBA’s share price fell from an intra-day high of $84.69 on 3 August 2017 to an opening price of $80.11 on 7 August 2017 (a fall of $4.58 or 5.4%) – a significant movement for an otherwise stable stock.
The class action alleges that CBA knew about serious instances of non-compliance with the AML/CTF Act and that its failure to disclose that information to the ASX amounts to misleading and deceptive conduct and a breach of its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules.
Registration is free and without obligation.
To find out more about the class action, contact IMF Bentham:
Phone 1800 016 464
Maurice Blackburn Lawyers Brooke Dellavedova and Ronald Koo are leading this class action.
Statement of Claim dated 9 October 2017