Federal Court dismisses disclosure class actions against CBA

The Federal Court has dismissed two shareholder class actions against the Commonwealth Bank over what it told investors about its compliance with anti-money laundering and counter-terrorism financing laws before bombshell legal action was launched against the bank in 2017.

The actions alleged that between mid-2014 and when the AUSTRAC case was launched in August 2017, CBA had information about what were later found to be breaches of the AML/CTF laws, and it was claimed CBA had breached its continuous disclosure obligations.The cases also claimed that if the information about AML/CTF compliance had been disclosed on the ASX, it would have had a “material” effect on CBA’s share price.

Justice Yates also dismissed claims of misleading and deceptive conduct, which focused on CBA telling the market it had the policies and systems to comply with regulatory requirements.CBA noted the decision in an ASX announcement on Friday, while a spokesman for Maurice Blackburn signalled the ruling could be appealed. “The legal team will take time to consider the decision carefully, with a view to an appeal,” he said.

QBE chairman Mike Wilkins says higher frequency of catastrophes, rising cost of materials and labour, and higher reinsurance costs are all pushing insurance premiums higher.Soaring insurance costs have helped drive up Australia’s inflation rate, and chairman Mike Wilkins acknowledged the cost-of-living pressure on households, while pointing to the broad threat from climate change.

Source: Law Daily Report (lawdailyreport.net)

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