|Claim Period:||16 June 2014 and 3 August 2017|
NSW Registry, Federal Court of Australia (NSD1158/2018).
Date of Filing
29 Jun 2018.
Solicitors for Applicant
Phi Finney Mcdonald.
Solicitors for Respondents
Herbert Smith Freehills.
Therium Australia Limited.
Overview of Claim
The class action alleges that CBA breached its continuous disclosure obligations, and engaged in misleading or deceptive conduct, by failing to inform investors that it had:
- failed to assess the AML/CTF risk posed by “intelligent” deposit machines (IDMs) when launched in May 2012 and for three years thereafter;
- failed to monitor customer transactions, including potential money laundering and terrorism financing activity, on over 700,000 accounts;
- not reported over 53,000 threshold transactions to Austrac on IDMs on time;
- failed to report a number of suspicious transactions to Austrac, including some transactions that related to the financing of terrorism;
- deficient systems for identifying and managing AML/CTF risks; and
- been contacted by Austrac and other agencies in respect of some of the above matters.
Shareholders who acquired CBA shares between 16 June 2014 and 3 August 2017 (inclusive) and who entered into a litigation funding agreement with Therium Australia Limited (Therium) on or before 29 June 2018, when the claim was commenced.
Capacity to Join
Registrations for this class action have now closed.
- The Applicants file and serve any evidence in reply together with any submissions by no later than 13 December 2018.
- The Interlocutory Application be listed for case management on 19 December 2018 at 9.30 am.