CBA should pay a penalty of $12.8 million — close to the maximum penalty the court can impose on the bank — for underpaying its staff to the tune of $16.4 million, a judge has heard.
The Commonwealth Bank of Australia has agreed to backpay thousands of branch staff $3 million to settle a lawsuit alleging it failed to provide employees with paid rest breaks for at least six years.
ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.
A judge asked to approve a $50 million settlement in a consumer credit insurance class action against the Commonwealth Bank has questioned a $2.5 million deduction for professional services firm Deloitte.
The Commonwealth Bank has failed again to dismiss a case brought by customers who claim they were the victims of a money laundering scam known as cuckoo smurfing and had funds seized as proceeds of crime.
The developer of healthcare directory app Whitecoat must pay health insurer and joint venture partner NIB $1.6 million for loans that were never repaid following the app’s sale to the Commonwealth Bank for $42.5 million in 2021.
Commonwealth Bank of Australia has recruited Clayton Utz partner and executive chair Karen O’Flynn to replace the outgoing Carmel Mulhern as the bank’s group general counsel.
A $47 million settlement in a class action against ANZ — one of three settlements in a series of class actions against the big banks over ‘junk’ consumer credit insurance — was fair and reasonable, a judge has said.
Wealth management firm Colonial First State has lost its bid to shield emails with internal counsel about investment options for its FirstChoice super fund after a judge found a class action applicant had joint legal professional privilege.
Commonwealth Bank of Australia has copped a record $3.55 million penalty for breaching spam laws after it sent more than 65 million emails without an easy way for individuals to unsubscribe.