The Commonwealth Bank has formally acknowledged it is the subject of class action proceedings with respect to its superannuation funds.
The big banking group informed the Australian Securities Exchange (ASX) that “class action proceedings concerning investment in cash and deposit options in certain funds” had been filed by Slater and Gordon in the Federal Court.
It said the actions related to Colonial First State Investments Limited, a subsidiary of the bank.
It said CBA was also a respondent in the proceedings.
“CFSIL and CBA will vigorously defend the proceedings,” the announcement said.