High Court to hear CBA class action appeal
Australia’s largest bank was found to have breached its disclosure obligations leading up to the $700 million AUSTRAC settlement. Now the High Court will decide whether it will have to pay for it.
The High Court will examine the appeal of two long-running class actions against the Commonwealth Bank, after the bank was found to have contravened its continuous disclosure obligations to the market in the lead up to its $700 million settlement with AUSTRAC in 2017.
The Zonia and Baron class actions were granted special leave to appeal on Friday morning, Capital Brief has confirmed, as the High Court prepares to settle once and for all the class actions that have dogged the bank for the better part of a decade.
The High Court has yet to publish its formal decision. When approached by Capital Brief a CBA spokesperson said the bank expected to issue a short market announcement on Friday afternoon.
The class actions commenced in 2017 and 2018 respectively and related to allegations that CBA made misrepresentations to the market and did not disclose material information relating to its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance over the three year period prior to AUSTRAC’s civil proceedings against the bank.
