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The Commonwealth Bank of Australia has argued that disclosing its money laundering failures before AUSTRAC brought proceedings would have misled the market, as the bank takes the rare move of defending a shareholder class action at trial.
A judge overseeing a class action over AMP’s fees for no service practice has dismissed the applicant’s bid to access communications between AMP and law firm Clayton Utz that led up to an ostensibly independent report that allegedly went through 25 rounds of edits with the wealth manager's inhouse lawyers.
While CBA's defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.
The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
The Commonwealth Bank of Australia faces trial Monday in one of several class actions filed against a major Australian company in recent years over allegedly lax money laundering practices and disclosures.
Fintech iSignthis has dropped a $464 million lawsuit brought against the Australian Stock Exchange three years ago over allegedly misleading conduct in relation to the suspension of the company's shares.
Uber has lost its challenge to a decision that found many of its email exchanges with lawyers were made in furtherance of offences at the centre of class action claims and were not protected by legal professional privilege.
Digital giant Meta can access information on crypto tokens issued to fund a class action over Facebook's ban on cryptocurrency ads, but the identities of those who have bought the tokens can be kept under wraps.
A class action on behalf of Dixon Advisory clients with claims allegedly worth $463 million has won orders that the collapsed wealth manager disclose its insurance for liability in the proceedings. Its bid for orders that two insurers produce any relevant policies was unsuccessful.