Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks’ arguments unpersuasive.
Shine Lawyers is investigating two new class actions against Commonwealth Bank of Australia and Westpac’s BT Funds Management over allegedly excessive insurance premiums, a week after filing a similar case against AMP’s life insurance arm.
Commonwealth Bank’s wealth management unit Colonial First State has admitted misleading conduct in certain calls to superannuation members, but has otherwise denied claims by the corporate watchdog that it misled over 12,000 fund members during the transition to MySuper accounts.
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency’s approval.
The former CEO of Commonwealth Bank subsidiary Beem It was dismissed for blowing the whistle on multiple conflicts of interest by directors of the digital payment company, just months after she was warned by one director that the “CBA wagons” were circling her, a lawsuit alleges.
The Australian Securities and Investment Commission has launched proceedings against the Commonwealth Bank of Australia and its subsidiary Colonial First State Investments over the alleged payment of conflicted remuneration for a superannuation product jointly developed by the financial giants.
The former CEO of Beem It has discontinued her legal claims against the payments fintech co-owner, Commonwealth Bank of Australia, only days after naming the bank in her lawsuit alleging workplace breaches.
The Commonwealth Bank of Australia has become the latest Big Four bank to be hit with a class action over the sales of allegedly worthless insurance products.
A judge has approved a $5 million penalty against the Commonwealth Bank of Australia for overcharging customers $8 million in fees and interest on its agricultural products, despite previously expressing concerns that the penalty was “on the light side”.
Commonwealth Bank of Australia and Beem It are facing an employment lawsuit by the former CEO of the payments fintech, but details of the case have not been released pending a bid to keep the claims confidential.