CBA faces another class action

The Commonwealth Bank (CBA) has been served with another class action, this one filed by Phi Finney McDonald on behalf of shareholders who acquired an interested in the bank from 16 June, 2014 to 3 August, 2017.

The proceeding would involve similar claims to the shareholder class action brought against CBA by Morris Blackburn in October, last year.

That action related to shareholder losses suffered as a result of the CBA share price falling following the institution of legal proceedings by AUSTRAC against the bank, which Morris Blackburn said was one of the biggest single price movements in CBA’s recent history.

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The bank said that it intended to “vigorously defend this new claim”, which was brought in the Federal Court.

CBA responded to the Morris Blackburn claim with the same language last year.

Phi Finney McDonald would be getting a workout on financial services matters, having already filed a class action in the Federal Court on behalf of AMP shareholders this May.

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