Litigation funder, IMF Bentham has announced that its funding for a class action against the Commonwealth Bank has now gone unconditional.
The company announced to the Australian Securities Exchange today that legal proceedings for the action had been filed on an ‘open class’ basis in the Federal Court of Australia and that the class action was being conducted by Maurice Blackburn in Melbourne.
IMF Bentham announced in both August and September that it was proposing to fund the open class action against the Commonwealth Bank.
Maurice Blackburn announced in August it was investigating a potential shareholder class action on behalf of aggrieved Commonwealth Bank of Australia investors who suffered losses due to the share price fall following the institution of legal proceedings by AUSTRAC against the bank.
The Maurice Blackburn action is premised on the bank’s shareholders having suffered one of the biggest single price movements in bank’s recent history following revelations it would face legal proceedings in Federal Court.