CBA fined $7M after judge questions if penalty has enough ‘sting’

CBA 2021-04-06 9:23 pm By Cindy Cameronne | Sydney

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A judge has slugged the Commonwealth Bank of Australia with a $7 million fine in proceedings brought by ASIC for excessive interest charged to thousands of overdraft customers, but noted the penalty amounted to profits from just six hours of operation for the Big Four bank.

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