CBA

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 $4.3 million in brokerage fees.

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 and violated its financial services obligations on more than 12,000 occasions by overcharging customers more than $2.2 million in interest.

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 overdraft accounts on more than 12,000 occasions will move swiftly to a penalties hearing.

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 kept investors in the dark about a spike in the company's arrears ratio prior to issuing a $50 million bond prospectus.

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 the director and former employee of a Melbourne financial services provider.

The Australian Securities and Investments Commission has filed civil penalty proceedings against the Commonwealth Bank of Australia for allegedly saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions.

The Commonwealth Bank of Australia has been fined $150,000 after a Federal Court judge found the bank had breached the law by increasing a problem gambler's credit card limit but that the conduct was "not systematic, deliberate or covert".

Commonwealth Bank of Australia has resolved a lawsuit brought by a former general manager alleging he lost his job for blowing the whistle on a system allegedly used by staff to inflate their bonuses.

A high ranking executive from the Commonwealth Bank of Australia has warned that an increase in class actions could discourage Australia's best corporate leaders from joining company boards.