The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.
The Fair Work Ombudsman has taken the Commonwealth Bank of Australia and CommSec to court for allegedly knowingly underpaying almost 7,500 employees over $16.4 million through the use of individual agreements.
The Commonwealth Bank has resolved a case brought by former head of governance and company secretary Kara Nicholls, who resigned from the bank on Tuesday as part of a settlement of her claims that the governance team was overworked and under-staffed.
A judge has told a Colonial First State Investments unit to provide information about its financial position to the lead applicant in a class action and criticised the company for failing to disclose that it had transferred its liabilities after the class action was launched.
The New Zealand arms of ANZ and the Commonwealth Bank have been hit with a multimillion dollar class action alleging they have failed to repay fees and interest wrongly charged to 150,000 customers who took out home or personal loans with the banks.
The Commonwealth Bank will plead guilty to criminal charges following an ASIC investigation over misleading representations to customers who purchased add-on consumer credit insurance.
The Australian Competition and Consumer Commission is investigating competition concerns about Apple’s refusal to allow third party access to the near-field communication chip that allows iPhone users to make ‘tap and go’ payments through Apple Pay.
Commonwealth Bank of Australia unit Colonial First State Investments is facing penalties after the Federal Court found it misled its customers about their rights and obligations relating to the MySuper reforms passed by the federal government in 2012.
The Commonwealth Bank of Australia faces shareholder action seeking records on its financing of gas and fossil fuel projects to ensure compliance with the bank’s environmental framework, the latest in the next frontier of litigation demanding climate change accountability.
The Commonwealth Bank of Australia has slammed an attempt by a class action to “trawl through” its Chief Executive Officer’s emails in search of correspondence regarding it decision to rebate commissions grandfathered by the Future of Financial Advice reforms.