Commonwealth Bank of Australia has been served with a class action proceeding filed in the Federal Court of Australia in Melbourne.
The proceeding is on behalf of shareholders who acquired an interest in Commonwealth Bank of Australia's (CBA’s) shares between 1 July 2015 and 3 August 2017, and who held some or all of those shares until after 1pm Australian Eastern Standard Time (AEST) on 3 August 2017.
Technology to Blame?
The bank has now responded saying it will «vigorously defend this claim,» according to a press release on its website. finews.asia reported earlier of the potential of a shareholder class action. The legal suit was filed by law firm Maurice Blackburn.
Australian authorities are looking into so-called intelligent, or automated, deposit machines at the bank which failed to register warnings of potential laundering. The bank has maintained that an algorithm is to blame for the lapse.
