Former Commonwealth Bank subsidiary Avanteos Investments Limited pleaded guilty on Wednesday to charging up to $700,000 in fees to hundreds of deceased superannuation fund members.
The Finance Sector Union has launched legal proceedings in the Fair Work Commission against the Commonwealth Bank for allegedly sacking an employee who breached a “draconian” salary secrecy clause.
The legal market has experienced unprecedented growth during the last year despite the coronavirus pandemic, but law firms are “battling” to retain and hire lawyers, a CBA report has found.
The Commonwealth Bank of Australia will have to hand over a preliminary tranche of documents relating to seven large-scale oil and gas projects it is financing in a lawsuit that will test whether the bank has complied with its stated commitments on climate change.
The Commonwealth Bank of Australia has failed in its bid to dismiss a case brought by customers who claim they were the victims of “cuckoo-smurfing” and had funds seized as proceeds of crime because the bank breached its anti-money laundering obligations.
A fine imposed against the Commonwealth Bank for false and misleading representations to customers should reflect offences that were “well below the midpoint” of seriousness, counsel for the bank has told a judge overseeing the first criminal case of its kind.
The Federal Court has slugged wealth management firm Colonial First State Investments with a $20 million penalty for misleading almost 13,000 superannuation members about their MySuper entitlements through a “concerted campaign” that lasted two years.
The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.
The Fair Work Ombudsman has taken the Commonwealth Bank of Australia and CommSec to court for allegedly knowingly underpaying almost 7,500 employees over $16.4 million through the use of individual agreements.
The Commonwealth Bank has resolved a case brought by former head of governance and company secretary Kara Nicholls, who resigned from the bank on Tuesday as part of a settlement of her claims that the governance team was overworked and under-staffed.