Litigation funder confirms CBA class action
Litigation funder IMF Bentham has confirmed it will be funding an open class action against the Commonwealth Bank over its alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.
The litigation funder told the Australian Securities Exchange (ASX) today that the it had made a formal decision to fund the action with the class consisting of those shareholders of the bank who had purchased shares between 17 August 2015 and 3 August 2017.
It said the claim would allege breaches by the Commonwealth Bank of its continuous disclosure obligations arising from the alleged breaches as well as misleading and deceptive public statements claiming performance by the bank of its obligations under the act.
The ASX announcement said IMF Bentham was continuing to take registrations from persons interested in participating in the class action.
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