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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.
The Commonwealth Bank of Australia has agreed to backpay thousands of branch staff $3 million to settle a lawsuit alleging it failed to provide employees with paid rest breaks for at least six years.
ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.
A judge asked to approve a $50 million settlement in a consumer credit insurance class action against the Commonwealth Bank has questioned a $2.5 million deduction for professional services firm Deloitte.
The Commonwealth Bank has failed again to dismiss a case brought by customers who claim they were the victims of a money laundering scam known as cuckoo smurfing and had funds seized as proceeds of crime.
The developer of healthcare directory app Whitecoat must pay health insurer and joint venture partner NIB $1.6 million for loans that were never repaid following the app’s sale to the Commonwealth Bank for $42.5 million in 2021.