CBA responds to CFS class actions

The Commonwealth Bank of Australia (CBA) has acknowledged the two class action proceedings against Colonial First State Investments filed last week.

In separate announcements to the Australian Securities Exchange (ASX), CBA said it acknowledged the class action by Slater and Gordon and Maurice Blackburn had been filed in the Federal Court of Australia against the subsidiary of CBA.

It said the class action by Slater and Gordon related to certain fees charged to members of the Colonial First State FirstChoice Superannuation Trust.

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On Maurice Blackburn it said it also acknowledged the class action had been filed against a former executive director of CFSIL – Linda Elkins. It said the class action related to the transfer of certain default balances held by members of FirstChoice Employer Super to a MySuper product.

CBA noted three parties were reviewing the respective claims.




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