Commonwealth Bank of Australia to face shareholder class action

CBA shareholders who purchased shares over two years will bring the class action.

IMF Bentham has confirmed it will fund a Federal Court open class action against the Commonwealth Bank relating to allegations the lender breached anti-money laundering and counter terrorism funding laws.

The action will consist of CBA shareholders who purchased shares between August 17 2015 and August 3 2017 and who held some of those shares until 1pm on the latter date, IMF says.

IMF and Maurice Blackburn Lawyers in August said they were considering pursuing a possible case against CBA and on Tuesday IMF said it was taking registrations.