A judge has given the green light to amended pleadings in a class action accusing major banks of entering a cartel agreement to rig foreign exchange rates, bringing a two-year fight over the pleadings closer to resolution.
The Commonwealth Bank of Australia has told a judge there’s no chance it will admit to ASIC’s allegations that it accepted conflicted remuneration through the sale of its Essential Super product, likening the matter to ASIC’s failed ‘Wagyu and shiraz’ case against Westpac.
A judge has sided with five investments banks and rejected a bid to amend a class action alleging a series of cartel agreements to rig foreign exchange rates, saying there were “substantial problems” with the proposed pleadings.
Five investment banks facing a class action for their alleged rigging of foreign exchange rates have slammed the “unclear” and “incredibly vague” case, saying it contains “literally trillions” of possible variations of the cartel agreement allegedly entered into.
The Commonwealth Bank of Australia has denied that it received any benefits through the sale of its Essential Super product, rejecting claims by Australian Securities and Investments Commission that it breached the conflicted remuneration provisions of the Corporations Act.