Commonwealth Bank shareholder class action filed today
09-Oct-2017 10:26 AM
The shareholder class action against the Commonwealth Bank of Australia (CBA) proposed in late August by Maurice Blackburn Lawyers and litigation funder IMF Bentham, will officially begin today, with a Statement of Claim (SoC) being filed in the Victorian Registry of the Federal Court of Australia.
The SoC specifically names outgoing CEO Ian Narev, current Chair Catherine Livingstone and a host of other leaders within the bank including Chief Risk Officers Alden Toevs and David Cohen, and non-executive directors Launa Inman and Sir David Higgins, among a raft of senior personnel who had early knowledge of the AUSTRAC compliance issues which remained undisclosed until this year.
National Head of Class Actions at Maurice Blackburn, Andrew Watson, said that when CBA did reveal the issues to the market this year, the result was a significant drop for an otherwise stable stock.
“Our investigations and analysis show that this drop was in the top one percent of price movements that CBA experienced in the past five years, so clearly the news was of material significance to shareholders,” Mr Watson said.
What: Media conference marking the start of CBA shareholder class action
When: Today, Monday 9 October, 2017. 11:45am
Where: 380 La Trobe St, Melbourne CBD. Go to level 14.
Who: Andrew Watson – National Head of Class Actions at Maurice Blackburn Lawyers
William Phillips – lead plaintiff representing shareholders
Media inquiries: Cameron Scott at Maurice Blackburn Lawyers
T 0400 876 466 / 03)96052832 E firstname.lastname@example.org