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CBA fined $7M after judge questions if penalty has enough ‘sting’
Financial Services 2021-04-06 9:23 pm By Cindy Cameronne

A judge has slugged the Commonwealth Bank of Australia with a $7 million fine in proceedings brought by ASIC for excessive interest charged to thousands […]

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ASIC takes CBA to court for hitting customers with $55M in fees
Financial Services 2021-04-01 12:26 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access […]

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CBA denies fiduciary duty owed to group members in insurance ‘rort’ class action
Class Actions 2021-03-29 1:18 pm By Miklos Bolza

Two Commonwealth Bank of Australia subsidiaries have denied that they owed fiduciary duties to group members in a class action over allegedly excessive insurance premiums […]

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‘Hardly seems worth the powder and the shot’: Judge asks why ASIC still pursuing CBA MySuper case
Financial Services 2021-03-24 3:00 pm By Cindy Cameronne

A judge has questioned why ASIC is still pursuing its case against CBA unit Colonial First State over statements made to 12,000 fund managers during […]

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CBA says ‘non-existent’ chance it will make admissions in ASIC’s conflicted remuneration case
Financial Services 2021-03-11 7:27 pm By Cindy Cameronne

The Commonwealth Bank of Australia has told a judge there’s no chance it will admit to ASIC’s allegations that it accepted conflicted remuneration through the […]

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CBA broker subsidiaries admit ‘systemic compliance failures’ as ASIC launches new case
Financial Services 2021-03-01 6:10 pm By Miklos Bolza

ASIC has launched court action against two Commonwealth Bank of Australia subsidiaries that have admitted multiple “systemic compliance failures”, including the overcharging of more than […]

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CBA cops to misleading customers on more than 12,000 occasions
Financial Services 2021-02-16 6:05 pm By Spencer Fowler Steen

Commonwealth Bank of Australia could be on the hook for a large penalty after the court found the bank engaged in misleading and deceptive conduct […]

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Commonwealth Bank won’t defend ASIC case over $2.9M in overcharged interest
Financial Services 2021-02-12 12:14 pm By Spencer Fowler Steen

Proceedings launched by ASIC in December accusing the Commonwealth Bank of Australia of saddling consumers with $2.9 million in inflated interest rates on their business […]

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Class action seeks to expand claims against PwC over Axsesstoday accounting lapses
Accounting 2021-02-04 3:27 pm By Spencer Fowler Steen

Bondholders of Axsesstoday are seeking to expand their claims in a class action against the collapsed asset finance lender and its accountant PricewaterhouseCoopers, alleging PwC […]

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CBA sued for conspiracy to misuse private bank account details in dismissal wrangle
Privacy & Cybersecurity 2021-01-19 6:38 pm By Spencer Fowler Steen

The Commonwealth Bank of Australia has been sued for conspiracy to misuse private information and bank account details in an unfair dismissal case brought by […]

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