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Australia's Commonwealth Bank slapped with class-action suit

Staff Writer |
Commonwealth Bank of Australia was hit with potentially Australia’s biggest class-action lawsuit over a money-laundering scandal.

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The candal has already smashed its share price and exposed it to billions of dollars in fines.

Litigation financier IMF Bentham said it would fund the lawsuit against Australia’s biggest bank, accusing it of making false and misleading statements and failing to disclose breaches of anti-money laundering rules for years.

A second lawsuit against the A$128 billion ($102 billion) lender, on top of one filed on August 3 by financial intelligence agency AUSTRAC alleging breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act, is fuelling investor concerns that the scandal may still have more shocks in store.

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