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Re: F6 post# 274805

Sunday, 11/12/2017 1:19:10 PM

Sunday, November 12, 2017 1:19:10 PM

Post# of 488169
Australia's Commonwealth Bank slapped with class-action suit

Paulina Duran
September 5, 2017 / 9:39 AM / 2 months ago

SYDNEY (Reuters) - Commonwealth Bank of Australia (CBA.AX) was hit on Tuesday with potentially Australia’s biggest class-action lawsuit over a money-laundering scandal that has already smashed its share price and exposed it to billions of dollars in fines.

FILE PHOTO - A pedestrian walks past a logo for the Commonwealth Bank located outside a branch in Sydney, Australia, May 8, 2017. REUTERS/David Gray

Litigation financier IMF Bentham Ltd (IMF.AX) 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 Aug 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.

“Things can get worse before they get better, which means the underperformance of CBA ... will continue into the next quarter,” said George Boubouras, managing director and chief investment officer at Contango Asset Management, which owns CBA shares.

In addition to the two civil suits, CBA is being investigated by Australia’s banking and corporate regulators over the suspicious transfers cited in the AUSTRAC claim. Investors are also worried that foreign regulators will pick up the case, as some of the money was sent offshore.

More - https://www.reuters.com/article/us-australia-cba-moneylaundering/australias-commonwealth-bank-slapped-with-class-action-suit-idUSKCN1BF2KA

Do Australians have more freedom to bring class action lawsuits against big banks than so many needy, freedom-fixated
Americans have? Not sure, yet now, thanks to big business hugging Republicans, it seems Australians customers may have.

Posted to your first one.

In “Wet Kiss” for Wall Street, Congress Overturns Rules Allowing People to Sue Banks for Misconduct


Published on Oct 26, 2017 by Democracy Now! [ https://www.youtube.com/channel/UCzuqE7-t13O4NIDYJfakrhw / https://www.youtube.com/user/democracynow , https://www.youtube.com/user/democracynow/videos ]
After nine months of struggling to deliver on their legislative priorities, Senate Republicans found unity Tuesday when they overturned a rule that makes it easier for Americans to sue banks and credit card companies. The rule was developed by the Consumer Financial Protection Bureau and would have allowed people to file class action lawsuits that could have cost the banks billions of dollars. We get an update from Public Citizen’s Amanda Werner, who recently dressed as Rich Uncle Pennybags, with a top hat and monocle, and sat directly behind former Equifax CEO Richard Smith when he testified about a security breach that left sensitive personal information for 143 million Americans exposed to hackers.
https://www.democracynow.org/2017/10/26/congress_sides_with_wall_street_to [with embedded video, and transcript]
https://www.youtube.com/watch?v=irPdmmFSt20 [with comments]

Noted: That does not necessarily mean Australian customers end up with the biggest piece of the settlement pie.

NAB consumers to receive about a third of $6.6 million bank fees settlement

by Marianna Papadakis

Apr 11 2016 at 6:01 PM Updated Apr 11 2016 at 6:01 PM

[PHOTO:] The Consumer Action Law Centre has written to NAB chief Andrew Thorburn requesting that vulnerable customers "unfairly" excluded from its bank fees class action deal be compensated. Wayne Taylor

National Australia Bank customers could end up receiving about a third of a total $6.6 million settlement that was to safeguard compensation for the alleged wrongful levy of penalty fees by the bank.

The Federal Court approved a confidential settlement between class action members led by Maurice Blackburn on April 6 which resulted in $6.6 million in compensation being apportioned to NAB customers for late payment fees the bank levied on credit cards.

But of that amount, $600,000 will go to Maurice Blackburn for legal fees and disbursements, and $4.1 million will go to the litigation funder for the case, IMF Bentham, leaving NAB customers with about $2.5 million.

NAB abolished fees charged for dishonouring accounts and slashed its credit card late payment fees in 2009.

The consumer class action is one of nine launched by Maurice Blackburn against major banks including NAB, Westpac Banking Corp and the Commonwealth Bank of Australia over fees. The outcome of all the matters is linked to the outcome of a High Court appeal in the lead test case against Australia and New Zealand Banking Group.
More: http://www.afr.com/business/legal/nab-consumers-to-receive-about-a-third-of-66-million-bank-fees-settlement-20160411-go3f36










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