CBA has attacked two failed class actions’ “misguided” appeal, arguing that requiring companies to disclose incomplete information to shareholders would distort the market.
The Full Court has heard that a judge’s finding on materiality in two failed shareholder class actions against CBA could haveĀ ātroublingā repercussions for insider trading cases and must be overturned.
Two failed class actions against CBA claim a judge used a āfar too onerous testā for materiality in deciding whether the bank should have told the market about deficiencies in its anti-money laundering systems.Ā
Commonwealth Bank has paid a $7.5 million penalty after an ACMA investigation found it sent over 170 million emails that violated spam laws.Ā
Applicants in two dismissed class actions against the Commonwealth Bank have secured an order staying an assessment of costs in the failed cases until the outcome of an appeal.
Two failed shareholder class actions against the Commonwealth Bank of Australia want to delay paying the bank’s costs until after their 62-ground appeal is heard.
Two units of the Commonwealth Bank of Australia on Monday pleaded guilty and were hit with $48,000 in penalties for denying staff $1.67 million in long service leave entitlements.
Shareholders of Commonwealth Bank have lodged expected appeals challenging a decision tossing their class actions over alleged lax money laundering compliance, giving the Full Federal Court a chance to clarify when companies must disclose regulatory investigations.
The lead applicant in a class action against former Commonwealth Bank of Australia subsidiary Count Financial has settled individual claims in the case, which alleges the financial advisory firm charged fees for no service.
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.