CBA to ‘vigorously defend’ against class action
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.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.