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The score in shareholder class actions taken to trial now stands at a dismal 0-5 after a judge tossed class actions against the Commonwealth Bank of Australia on Friday. But don't expect funders to throw in the towel until the High Court or an intermediate appellate authority has its say, experts told Lawyerly.
Two class actions have failed to convince a judge that the Commonwealth Bank of Australia's money laundering compliance failure which led to a $700 million penalty was "law breaking on a grand scale" that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
Commonwealth Bank of Australia and subsidiary CommSec have been hit with $10.34 million in penalties -- the highest ever imposed in enforcement action by the workplace regulator -- after admitting it underpaid thousands of employees more than $16 million.
Awaiting judgment in Federal Court class actions by shareholders over its money laundering risk disclosures, the Commonwealth Bank will ask the court to reopen the case to consider the relevance of two recent decisions that found shareholders in other class actions had failed to prove loss.
A former Commonwealth Bank manager alleging he was fired by the bank after raising concerns about being overworked says he was told “the job is the job” after a period of stress-related leave.
Group members will walk away with nothing under a settlement in a seven-year old class action against the Commonwealth Bank of Australia on behalf of borrowers who claimed they were forced to default on their commercial loans.
A protracted class action against the Commonwealth Bank of Australia brought by borrowers who claimed they were forced to default on their commercial loans has finally settled, a court has heard.
The High Court has denied a bid for special leave by the Commonwealth Bank and other lenders to challenge a ruling that found two Arrium directors did not mislead them about loan drawdown notices ahead of the steel company's $2.8 billion collapse.
A judge has approved a $50 million settlement in a class action against the Commonwealth Bank over allegedly worthless consumer credit insurance after his concerns about a $2.5 million deduction for Deloitte were allayed.
CBA should pay a penalty of $12.8 million -- close to the maximum penalty the court can impose on the bank -- for underpaying its staff to the tune of $16.4 million, a judge has heard.