CBA

The Australian Securities and Investments Commission has suffered a defeat in proceedings alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, with a judge finding the regulator “ignored the circumstances” in which the product was distributed.

A judge has signed off on a $56.3 million settlement in a class action against wealth manager Colonial First State that will see Maurice Blackburn earn $14.5 million in costs, saying it was a good example of the class action regime in operation.

Owners of Sydney’s Mascot Towers are facing a “parlous situation” as they file an urgent court bid to sell the two buildings after $16 million was spent to repair structural cracks that made the apartments unliveable.

The Commonwealth Bank of Australia has hit back at a $45 million lawsuit alleging it failed to provide thousands of employees with paid rest breaks for at least six years, saying it had no responsibility to schedule or roster the breaks.

The applicants in a protracted class action against the Commonwealth Bank of Australia brought by borrowers who claim they were forced to default on their commercial loans have lost a bid to amend their pleadings, six years after the case was filed.

Commonwealth Bank unit CommSec has agreed to pay a $20 million penalty for a series of “serious and unacceptable” failures that lead to excessive fee charges, a court has heard.

Commonwealth Bank has won more time to examine the particular work arrangements in 24 individual branches, as it fights allegations of systemic failures to provide thousands of employees with paid rest breaks since 2014.

The Commonwealth Bank of Australia wants more details about the Finance Sector Union’s allegations that it failed to provide thousands of employees with paid rest breaks for at least six years. 

Lawyers leading a class action against the Commonwealth Bank over its alleged money laundering compliance failures are getting their ducks in a row in the event the Full Court rules the court has the power to shut out unregistered group members from a class action.

The parties in a class action accusing a Commonwealth Bank of Australia unit of breaching its superannuation trustee duties want the matter to be heard in person and are willing to foot the bill for the judge to travel to Sydney to make it happen.